Precious metals · Figures on this page update automatically.
The figure above is the dollar price of one troy ounce of gold, taken from the most actively traded front-month futures contract, which moves closely in step with the spot market. A troy ounce is the traditional precious-metals unit and is heavier than the ordinary ounce used in a kitchen — a little over 31 grams. Gold is quoted in US dollars by global convention, so the number you see reflects what the dollar is doing as well as what gold is doing.
What is a troy ounce?
It is the standard weight unit for precious metals, roughly 31.1 grams, against about 28.3 grams for a standard avoirdupois ounce. Every gold quote given in dollars per ounce means troy ounces.
What is the difference between spot and futures gold?
Spot is the price for immediate delivery, while a futures contract fixes a price for delivery on a set future date. The front-month contract usually trades close to spot — typically a little above it, reflecting financing and storage costs — which is why it works as a live stand-in.
Why does gold move when the dollar moves?
Because gold is priced in dollars, a stronger dollar makes the metal more expensive for buyers using other currencies and tends to weigh on the dollar price, and the reverse when the dollar weakens. It is a tendency rather than a rule, and it breaks down regularly.