IN PLAIN ENGLISH
What an ounce of pure gold, silver, platinum or palladium is trading at right now.
FULL DEFINITION
The price of one troy ounce of a metal, from its front-month futures contract.
EXAMPLE
Gold Dec 26 at $4,321.20 per troy ounce; with a USD→GBP rate of 0.75, that's ≈ £3,240.90.
HOW IT'S CALCULATED
Price / oz = the latest price of the front-month futures contract on Yahoo Finance, in US dollars per troy ounce: GC=F (gold) and SI=F (silver) on COMEX, PL=F (platinum) and PA=F (palladium) on NYMEX. The contract's name, such as "Gold Dec 26", shows under the price when your currency is USD; otherwise the ≈ figure is that price converted at the latest stored daily FX rate. Futures trade almost around the clock on weekdays, so the price moves during the day; outside trading hours it is the last trade. It sits a little above the spot price (usually by under 1%) and above what a dealer would pay.
Educational content only. It is not personal financial advice.