Spot price is the current market price for buying or selling one troy ounce of a precious metal for immediate delivery. At the spot prices of October 7, 2026: gold is $4,134.80/ozt, silver is $60.73/ozt, platinum is $1,672/ozt, and palladium is $1,176/ozt. These numbers change every second while markets are open. Every melt value on this site and every dealer quote you receive starts from spot.
Use the silver value calculator or gold value calculator to apply today’s live spot price to your specific coins or bars.
How Spot Price Is Set
Spot price for precious metals is derived from the COMEX futures exchange in New York, a division of the CME Group. COMEX is the primary exchange where standardized futures contracts for gold, silver, copper, and other metals trade. A futures contract is an agreement to buy or sell a specified quantity of metal at a specified price on a future delivery date.
The mechanism works as follows:
- Traders buy and sell futures contracts for the nearest-expiring delivery month.
- As that contract approaches expiration, its price converges with the true physical delivery price — there is no longer any “future” component.
- That converged price is what the industry calls the “spot price” for physical metal.
Less than 1% of COMEX futures contracts result in actual metal delivery; the rest are settled financially. But the exchange still determines the global reference price because it is the most liquid and transparent market for precious metals in the world.
Spot Price Is Not What You Pay
When you buy a silver eagle, a gold bar, or a bag of junk silver coins, you pay spot plus a premium. When you sell, you receive spot minus the dealer’s spread. Spot itself is a wholesale reference price, not a retail transaction price.
| Transaction type | Price formula |
|---|---|
| Buy from dealer | Spot + premium (minting, dealer overhead, profit) |
| Sell to dealer | Spot - dealer spread (typically 5–20% below spot) |
| Melt value (informational) | Spot × metal content in troy oz |
For a concrete example at October 7, 2026 prices:
- Silver spot: $60.73/ozt
- American Silver Eagle buy price at a typical dealer: roughly $65–$68 (spot + $4–$7 premium)
- American Silver Eagle sell-to-dealer price: roughly $58–$60 (spot minus spread)
The bullion premiums explained article covers why premiums vary by product type and market conditions.
Why Spot Price Moves
Spot price reflects every piece of market-moving information that traders act on simultaneously. Key drivers include:
Macroeconomic factors:
- Interest rate expectations — when real interest rates (inflation-adjusted) fall, gold tends to rise because the opportunity cost of holding non-yielding metal drops.
- Currency movements — precious metals are priced in US dollars globally; a weaker dollar tends to push metal prices higher in dollar terms.
- Inflation data — gold and silver are often bought as inflation hedges.
Supply and demand:
- Mine output changes slowly (years for a new mine to open).
- Industrial silver demand from solar panels, electronics, and medical devices moves faster.
- Investment demand from ETFs, central bank buying (for gold), and retail coin buyers shifts rapidly.
Market sentiment:
- Geopolitical events and financial instability drive demand for safe-haven metals.
- COMEX positioning data (Commitment of Traders reports) shows whether large speculators are net long or short.
The LBMA Fix
In addition to COMEX continuous trading, two official daily benchmarks are published:
- London Bullion Market Association (LBMA) Gold Price — set twice daily (AM and PM Fix) via an electronic auction among large banks and producers
- LBMA Silver Price — set once daily
These “fix” prices are used in long-term supply contracts between miners, refiners, and industrial users. For retail coin and bar buyers, COMEX-derived spot is more relevant because it is continuously updated.
Spot Price Across Different Metals
| Metal | Oct 7, 2026 spot | Unit | Primary exchange |
|---|---|---|---|
| Gold | $4,134.80 | Troy ounce | COMEX |
| Silver | $60.73 | Troy ounce | COMEX |
| Platinum | $1,672 | Troy ounce | NYMEX |
| Palladium | $1,176 | Troy ounce | NYMEX |
| Copper | $6.57 | Avoirdupois pound | COMEX |
Note that copper is quoted per avoirdupois pound, not per troy ounce. This is true of all base metals. See troy ounce vs. ounce for the conversion.
Melt Value vs. Spot Price
Melt value is spot price applied to the actual metal content of a specific coin or object:
Formula: Melt value = spot price/ozt × metal content in troy ounces
Worked example — 90% silver dime (2.5 g total weight):
- Actual silver content: 2.5 g × 90% = 2.25 g silver
- Convert to troy ounces: 2.25 ÷ 31.1034768 = 0.07234 ozt
- Melt value: 0.07234 × $60.73 = $4.39 per dime (at Oct 7, 2026 prices)
The coin melt value calculator runs this math automatically for hundreds of US coin types with today’s live spot.
Common Misunderstandings
“I’ll wait for spot to drop before buying.” Market timing is unreliable for any asset. A more practical approach is to decide how much metal you want to own, then buy in stages to average your cost.
“The dealer is ripping me off because spot is lower than the price tag.” The premium above spot covers real costs: minting, assaying, shipping, insurance, and dealer operations. A well-run dealer typically adds 3–8% on common bars and 5–15% on government coins. See bullion premiums explained for what’s normal.
“Spot price is the price I’ll get when I sell.” You will sell below spot. Dealers buy at a spread below spot to leave room for their own resale margin. The dealer payout calculator shows what different buy percentages mean for your actual payout.
“Melt value = what I can sell a coin for.” Melt value is the theoretical floor — the metal-only value. Numismatic coins, government-issued bullion coins, and rare dates command premiums above melt value that can vastly exceed the underlying metal. See also: melt value vs. numismatic value.