There is no single gold exchange. The price comes from a global market that trades almost around the clock.
Last reviewed: 13 November 2026
When people say the gold price, they usually mean the spot price: the price for gold bought now, for delivery within a couple of days. It is quoted in US dollars per troy ounce and written XAU/USD. XAU is the market code for one troy ounce of gold, and USD is the dollar. A quote such as 3,900 means one troy ounce costs 3,900 US dollars. Gold prices in other currencies, grams or tolas are derived from this number by converting the currency and the unit. That is how every page on this site is calculated, as described in our methodology.
Unlike shares, gold does not trade on one central exchange. Most of the trading happens over the counter, between banks, dealers and large institutions, with London as the largest hub. Trading also happens on futures exchanges, notably COMEX in New York, where contracts for future delivery are bought and sold. Because the same metal can be arbitraged between these markets, the prices stay very close to each other. Data providers collect quotes from many sources and publish a live spot price.
There are also benchmark prices set at specific times. The LBMA Gold Price in London is set by an auction twice a day, at 10:30 and 15:00 London time, and is widely used as a reference in contracts. Central banks, refiners and miners often refer to these benchmarks, while traders watch the live spot price in between.
Gold trades nearly 24 hours a day on weekdays, following the sun from Asia to London to New York. It closes over the weekend and on some holidays. When the market is closed, any website will show the last price from Friday's close. This is why prices on our pages are not changing at weekends, and why you may see a gap when markets reopen on Monday.
Gold does not pay interest or dividends, so its price depends on what investors and central banks want to hold. Several forces matter at once.
You may see slightly different numbers on two sites at the same moment. The reasons are small: different data sources, a few seconds' delay, rounding, or whether they show the bid or the ask. The bid is what a dealer will pay, and the ask is what they will sell for, and the gap between them is the spread. Large differences, for example five percent or more, are not normal and usually mean one site is quoting a retail price, a local price, or an old number.
The spot price is a wholesale benchmark for large bars. A buyer of jewellery, small bars or coins pays more, because of dealer premiums, making charges, taxes and, in some countries, import duty. Our guide on country differences and the jewellery pricing guide take this further.
No one can reliably predict where gold goes next, and nothing here is advice to buy or sell. What helps is understanding how the number on the screen is formed, so you can judge for yourself what a quote includes.
Because buyers and sellers in many markets are trading constantly, and each trade can move the quoted price a little. Our price updates live while the market is open, so you may see small moves several times a minute.
Markets are closed from Friday evening to Sunday evening in most time zones, so the price does not move. Websites show the last price from the close until trading restarts.
The spot price is for gold delivered almost immediately. A futures price is for delivery on a future date, and it is usually a little higher because it includes the cost of holding gold until then. Most consumer price pages show the spot price.
No single person or body does. It results from trades between banks, dealers, funds and others around the world. Benchmarks such as the London auctions are reference points, not rulers of the price.
