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Unless you buy or sell precious metals, spot price can be a confusing term, especially to first time sellers of precious metals. The spot price or "spot rate" of gold, silver, platinum or any other commodity, is the price that is quoted for immediate (spot) settlement (payment and delivery), as determined twice each business day by the five members of The London Gold Market Fixing Ltd.
The London fix is designed to fix a price for settling contracts between members of the London bullion market, but informally the gold fixing provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. The gold fix is conducted in United States dollars (US$), Pound sterling (GBP), and the euro (€) daily at 10.30am and 3pm, London time, via a dedicated telephone conference facility.
