Spot gold
The price of gold for immediate delivery, formed on the over-the-counter market.
How to read the number
It is the reference point for every other form of the metal: the futures contract, the metal account, the bar and the coin.
When the metric lies
A private buyer can almost never transact at the spot price: a premium for the physical form, storage and the bank's own spread are all added on top.
Also known as: loco London gold