What is the Daily Price of Gold?
The price of gold, also often referenced as the ‘spot price of gold’ is influenced through a process of global trading and speculation and discovery in various financial markets. Below is an overview of how the gold price is calculated and how you can get a better understanding when you are looking to buy and sell gold and gold bullion.
- 1. London Bullion Market Association (LBMA) Fixing -The LBMA Gold Price, formerly known as the London Gold Fix, is a benchmark price set twice daily (morning AM and afternoon PM) by a group of participating banks in London. For the AM & PM fix to be set, the Banks agree the price which they are willing to buy and sell gold to each other. This then sets the LBMA price which serves as a reference across gold trading world-wide.
- 2. Supply and demand - are fundamental factors driving the price of gold in the market. The levels of gold production at mints and refineries, along with demand for gold in various sectors such as jewellery, investment bullion, and industrial applications, significantly influence the balance between supply and demand. As these factors fluctuate, they directly impact the price of gold world-wide.
- 3. Currency & Exchange Rates – Gold is traded in U.S Dollars (USD) on international markets, fluctuations in currency exchange rates can also impact the price of gold in other currencies. For example, if the USD weakens in comparison to other currencies, it often results in higher gold prices when denominated in USD. This phenomenon occurs because gold becomes relatively cheaper for investors holding stronger currencies, leading to increased demand and consequently higher prices world-wide for gold.
Understanding Gold Pricing
The daily gold price is determined by the AM gold fix, providing gold buyers such as us here at Hatton Garden Metals with the current rate for buying-in precious metals & gold bullion. As a trusted gold dealer renowned for offering competitive prices, we utilise this information to accurately assess the worth of your gold items, whether they're crafted from 9ct, 14ct, 18ct, or 24ct gold. This ensures that you receive the most favourable and current price for your valuable metals.
How is the Price of Precious Metal Calculated for Scrap Gold and Gold Bullion?
Calculating the precious metal content in your jewellery involves our team of gold experts assessing both the purity and weight of your items. We meticulously examine the hallmarks or purity stamps on your jewellery, and for globally recognized bullion coins and bars, we verify their precious metal content. Utilizing data from the LBMA AM fixes and sometimes real-time gold prices, we determine the value of your items accurately with the latest pricing.
How do I work out how much profit I have made on my gold coins and bars?
To calculate the profit, you made on your gold coins, bullion coins and gold bars you need to follow the steps below:
- 1. Determine the Purchase Price: understand the amount you paid to acquire the gold coins and bars or gold bullion. This includes any associated fees like shipping and storage costs.
- 2. Determine the Selling price: Gain insight into the current market value or the expected proceeds upon selling your gold coins and bars. At Hatton Garden Metals, we offer a user-friendly gold calculator that instantly provides you with an accurate price for your items. As one of the leading gold companies known for offering competitive rates, we provide a price guarantee for your convenience (up to £5000).
- 3. Calculate Profit: Subtract the purchase price from your selling price. This will show you your profit.
Should I Buy and sell gold over the counter or online?
When it comes to buying and selling gold, you have the option to do so over the counter at our physical locations at Hatton Garden Metals in our Hatton Garden store or online via our leading Postal service. Here's a breakdown of both methods:
Physical Location: You can visit our Hatton Garden, London store to buy and sell gold in person.
Immediate transaction: Over-the-counter transactions allow for an immediate exchange of physical gold and gold bullion, providing instant payment or instant physical gold bullion.
Verification: Buyers can physically inspect the gold coins or bars before purchasing, ensuring authenticity and quality. Sellers can recieve instant payment.
Face-to-Face Interaction: Some people prefer the personal interaction. Our Hatton Garden Store offers a face-to-face interaction at a secure counter.
Buying and Selling Gold Online: via our leading website
Convenience: Our Hatton Garden Metals website allows you to buy and sell gold from the comfort of your home, office, or anywhere with internet access.
Wide Selection of stock and guaranteed pricing: Our website showcases live and changing gold bullion offering a wide selection of bullion and investment products. Your daily gold price is clearly shown on our website.
Comparison Shopping: You can easily compare prices and premiums.
Security: Reputable online platforms typically offer secure transactions and Hatton Garden Metals established reputation ensures you are buying from a trusted bullion dealer.
In conclusion, whether you're selling gold jewellery or gold bullion, staying informed about the current gold price is crucial to ensure you receive the most accurate and up-to-date pricing. Keeping track of gold prices allows you to make informed decisions and maximize your returns when selling your gold items. Whether you choose to sell over the counter or online, having knowledge of the prevailing market rates empowers you to decide when to sell and to secure the best possible price for your gold.