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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →To compare gold or silver quotations fairly, first match the metal, price type, currency, weight unit and timestamp. Convert units and currencies using explicit, dated rates, then keep benchmark values separate from what a dealer charges to sell a bar or coin—or pays to buy one back.
Start by identifying what each price represents
A number labelled “gold price” or “silver price” is not enough to establish a like-for-like comparison. Record whether it is a benchmark or spot quotation, a dealer’s selling price, or a dealer’s buying price. The direction matters: a dealer’s price to sell bullion to you is not the same as its offer to buy bullion from you.
The LBMA describes its gold and silver benchmarks as prices for unallocated metal delivered in London. They are defined market benchmarks, not checkout prices for retail coins or bars. The benchmarks are administered by ICE Benchmark Administration. LBMA explains the benchmark basis, and ICE Benchmark Administration provides information about the auctions.
For each quotation, write down the metal, benchmark or retail price type, currency, unit of weight, timestamp and—if it is a physical product—product size and buy/sell direction. Differences that remain after conversion may reflect the market or delivery basis, or a retailer’s premium, rather than a conversion error.
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Convert the weight unit correctly
Precious metals are commonly quoted per troy ounce, not the ordinary avoirdupois ounce used for many everyday goods. One troy ounce equals 31.1035 grams. The LBMA guide to price conventions explains the distinction.
- Per troy ounce to per gram: divide the per-ounce price by 31.1035.
- Per gram to per troy ounce: multiply the per-gram price by 31.1035.
For example, if a quotation is 1,000 units of a currency per troy ounce, the equivalent per gram is 1,000 ÷ 31.1035, or about 32.15 units per gram. This is a unit conversion only; it does not adjust for currency, time, product premiums or transaction direction.
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Convert currencies with a dated exchange rate
State the exchange-rate convention before doing the arithmetic. If a rate is quoted as target-currency units for one source-currency unit, multiply the source-currency price by that rate. For instance, a price of 100 source-currency units per gram converted at 1.25 target-currency units per source unit becomes 125 target-currency units per gram.
Record the rate and when it applied. Two quotations converted using rates from different times can appear to disagree because of currency movements, even if their underlying metal prices were equivalent. The World Gold Council says its local-currency values use an FX rate at the time of the price or as close as possible; its methodology describes that approach.
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Align the timestamp before comparing
Gold and silver benchmark auctions do not happen on the same schedule. According to the LBMA auction information, the Gold Price auctions are held at 10:30 and 15:00 London time, while the Silver Price auction is held at 12:00 London time. Both are set in US dollars per troy ounce. Sterling and euro prices are indicative for settlement.
These scheduled auction prices are not necessarily simultaneous snapshots. When comparing quotations, note their date and time, including the time zone, and avoid treating figures from different auction times as though they were set together. The World Gold Council’s gold price data is expressed in currency units per troy ounce unless stated otherwise; check the series labels and timing before comparing it with another source.
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Keep a benchmark separate from a retail bullion quote
A converted benchmark tells you the value implied by that benchmark’s market basis. It does not tell you the price of a particular bar or coin at checkout, or the amount a dealer will pay to buy it from you. Retail physical bullion can include a product premium over the live metal value, and a dealer may deduct a premium when buying it back. Smaller bars can cost more per unit of weight because manufacturing has fixed costs. The Royal Mint’s price-chart information and the LBMA price guide discuss the distinction between metal prices and product pricing.
For a retail comparison, match the actual product size and the transaction direction as well as the metal, currency, unit and timestamp. Compare a dealer’s sell quote with another sell quote for a comparable product, or a buyback quote with another buyback quote; do not treat either as the benchmark price.
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A practical comparison checklist
- Label the quote: metal, benchmark or retail, and—if retail—dealer buy or dealer sell.
- Standardize the weight: convert using 31.1035 grams per troy ounce.
- Standardize the currency: use a stated exchange rate, with its quotation direction and timestamp.
- Check timing: note each price’s date and time, and whether it reflects the same market moment.
- Compare the same basis: for physical bullion, align product size and transaction direction; treat any remaining premium or market-basis difference as distinct from the arithmetic conversion.
For example, a dollar benchmark in US dollars per troy ounce and a dealer listing in euros per gram cannot be compared by looking at the displayed figures alone. Convert the benchmark to euros using a dated dollar/euro rate, convert its weight basis to grams, and then compare the resulting benchmark value with the dealer quote only after identifying the quote as a retail buy or sell price and accounting for the product basis.
Use benchmark data within its terms
Public benchmark conventions can be explained without reproducing a benchmark time series. ICE states that a licence is required for use of real-time or historical benchmark data in pricing, valuation, transactions and financial products. Check current terms before republishing benchmark tables or series. LBMA’s precious-metal price information and ICE’s benchmark page provide the relevant institutional context.
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