Spot price and premiums: how bullion is priced

The spot price is the current price of the metal for immediate delivery in the international wholesale market. It is quoted per troy ounce and changes continuously while markets are open.

Spot is conventionally quoted in US dollars. The Australian-dollar spot price therefore reflects both the US-dollar metal price and the AUD/USD exchange rate. See gold price in Australia and silver price in Australia.

Physical bullion products are priced above spot. The difference, the premium, reflects the cost of turning raw metal into a finished, verifiable product and bringing it to you. Under HLBullion’s Terms of Trade, prices reflect:

• spot market references
• product premiums or discounts
• hedging and market costs
• availability
• margins and other costs

Premiums vary between products. In general, larger bars carry lower premiums per ounce than small bars and coins, and premiums can widen when demand for physical metal is high.

1. Prices shown or quoted are indicative and can change with the market.
2. Your price is locked once you have accepted the quote, met any compliance and payment conditions, and HLBullion has secured your bullion from its suppliers.
3. If spot movements increase the price by more than 5% before your order is locked, HLBullion will seek your approval before proceeding.
4. Once locked, the price is binding and change-of-mind cancellations are not accepted (your Australian Consumer Law rights are unaffected).

Full details are in the Terms of Trade, clauses 5 and 6.

The market ticker on this site shows spot prices as a reference. It is not HLBullion’s buy or sell price for any product. Product prices include their premium and are shown on each product page.