What does “spot price” mean?

The spot price represents the current market price for immediate delivery of one troy ounce of a precious metal. This price fluctuates continuously during trading hours based on global supply and demand, currency movements, geopolitical events, and economic data. When you purchase bullion, you pay the spot price plus a premium that covers the dealer’s costs for fabrication, shipping, insurance, and profit margin. The spot price serves as the baseline for all bullion transactions worldwide and is quoted in US dollars, then converted to Canadian dollars for domestic purchases.