Base price

The base price (also known as reference price) represents the international benchmark value for major precious metals such as gold, silver, platinum, and palladium. It is typically expressed in U.S. dollars (USD) per troy ounce and serves as the starting point for all types of transactions, whether in wholesale markets, metal exchanges, or retail platforms.

Prices quoted in other currencies, such as euros, Swiss francs, or British pounds, are calculated based on the USD base price and adjusted according to the prevailing exchange rate. This means that fluctuations in the foreign exchange market directly influence the final price paid by investors.

The base price is determined by global supply and demand, as well as macroeconomic factors such as interest rates, inflation, monetary policy (especially of the Federal Reserve), and geopolitical developments. In the case of gold, the London fixing plays an important role as a daily pricing mechanism.