How Does Spot Pricing Work for Precious Metals?
Spot pricing for precious metals refers to the current market price at which a commodity, such as gold, silver, platinum, or palladium, can be bought or sold for immediate delivery or settlement. Unlike futures prices, which represent the value of a commodity for delivery at a future date, spot prices reflect the real-time supply and demand dynamics in the market. The spot price is typically quoted in troy ounces for gold, silver, platinum, and palladium. It represents the price for one ounce of the metal in the open market. However, spot prices can also be quoted for other weights, such...