Q:

What is the Kitco Gold Live Spot Chart used for?

A:

Quick Answer

The live 24-hour Gold Spot Chart offered by Kitco tracks the current spot price of gold for the purpose of determining its exchange value. Investors, jewelry manufacturers and bullion traders use these charts to provide fair market prices for gold products. Gold spot prices are calculated in troy ounces.

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Full Answer

Though the spot price represents the current value of gold, it is incredibly difficult to find gold sold at spot price or below. Almost all exchanges, dealers and businesses that sell gold or gold products charge a premium on top of the spot price of gold, representing their own business costs and desired profit margins. As a result, businessmen interested in buying gold do not typically expect to actually purchase gold at its quoted spot price. However, the purchasing price of gold from an exchange or dealer is typically expected not to dramatically exceed the current spot price of gold.

The live spot price of gold is calculated based on volume trading data from COMEX, a subdivision of the New York Mercantile Exchange. International exchanges, dealers and financial data providers such as Kitco then access this data to produce the financial charts and estimates that help inform the business decisions of investors.

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