The concept
Gold trades in a layered market: the London over-the-counter spot market, exchanges such as COMEX and the Shanghai Gold Exchange, ETFs, and retail platforms that price off these venues.
Why it matters
Knowing where a price comes from explains why quotes differ slightly between platforms and why changes through the day.
How markets interpret it
Large banks and market makers provide continuous two-way prices; retail platforms usually source prices from them and add a .
How it may relate to gold
on a retail platform is a derivative of the wholesale , not a separate market.
Key takeaways
- Retail gold prices derive from wholesale spot and futures markets.
- Different venues can show slightly different prices.
Knowledge check
Where do most retail XAU/USD prices come from?
Key terms · hover or tap for a definition