Gold prices trade around the world at all hours of the day and night. While gold is typically quoted by the troy ounce, premiums over that spot price are also charged depending on the type of product. Generic gold items are usually sold at a lower premium than intricately designed bullion bars or coins.

The spot gold price is determined by trading activity on futures markets. When you hear the term “gold spot price” it refers to the current real time price of one troy ounce of gold at a given moment in time as determined by trading on the COMEX exchange. Check this out

Gold Price Analysis: Unraveling Trends and Predictions for Savvy Investors

This market operates from 6PM Sunday through 5:15 PM on Friday (with a 45 minute window closed on weekdays). The spot gold price can change frequently, especially in the first few minutes after opening. This is caused by a variety of factors, from breaking news to market sentiment to order flow to supply and demand and much more.

Throughout history, gold has been considered precious and desirable. But it didn’t become money until people started using it to make tradable coins around 550 BCE.

In the modern era, gold’s value has been viewed as a store of wealth. That’s why many investors seek it out as a hedge against currency, stock, and bond market fluctuations.

Inflation and interest rates are also known to impact gold prices. Inflation causes the dollar to decrease in value, which can drive interest rates up, and often leads to people buying gold to protect their savings.