Gold and silver prices aren't set once a day the way some people assume — they trade continuously on international markets, and the quote you see can shift meaningfully within the same afternoon. If you're trying to time a purchase, track an investment, or just understand why the "gold rate" your jeweler quotes doesn't match what you saw online, here's what's actually going on.
Why the price you see depends on the unit
Gold and silver are internationally priced per troy ounce (not the regular ounce — a troy ounce is about 31.1 grams, roughly 10% heavier). Local markets often convert that into price per gram or per 10 grams for retail purposes, which is where a lot of confusion comes from — two numbers can both be "correct" and still look completely different because they're measuring different units.
Spot price vs. what you actually pay
The "spot price" is the current wholesale market rate for immediate delivery — it's the number every tracker quotes. What a jeweler or dealer actually charges you includes making charges, purity adjustments (24k vs 22k vs 18k), and local taxes on top of that spot price, so retail price is always somewhat higher than the raw spot number. Knowing the spot price is still useful — it's your baseline for judging whether a markup is reasonable.
What moves the price
Gold and silver prices respond to a mix of factors: currency strength (since it's priced in USD internationally, a weaker local currency makes it more expensive locally even if the USD price hasn't moved), interest rate expectations, and broader market risk sentiment — gold in particular tends to get bought up during economic uncertainty.
Track it live
The Gold & Silver Tracker pulls current spot prices with no sign-up or refresh needed — useful if you just want a quick, accurate number before making a decision, rather than digging through a financial news site.