Gold Spot

Gold is a precious metal used in areas such as jewelry, central bank reserves, investment products and electronics. On the international market its price is usually expressed per troy ounce (roughly thirty-one grams) and in US dollars. The over-the-counter market in London, with the standards set by the LBMA, and COMEX futures in New York are the main centers where the global gold price is formed.

The value shown on Lzzo.com as gold per ounce is not a direct spot ounce quote. It is taken from the Binance USDT pair of the PAXG (Paxos Gold) token, issued by Paxos with each token backed by one troy ounce of pure gold stored in vaults in London, and converted to dollars using the USDT/USD observation on Coinbase Exchange. This approach provides an uninterrupted reference, including weekends; however, because of supply and demand conditions, the token price can diverge slightly from spot gold and from futures contracts.

The main factors affecting the gold price include US real interest rates, the general strength of the dollar, central bank reserve purchases, geopolitical risks and inflation expectations. Lzzo.com's models for gram gold, quarter gold coins and other Turkish gold products are also calculated from this ounce reference. The value shown is not a jeweler's or bank buy/sell price.