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To compare gold or silver quotations fairly, put them on the same basis: metal, price type, currency, weight unit, timestamp and—if comparing physical products—product size and buy/sell direction. Convert weight and currency only after recording those details. A converted benchmark is a useful reference, but it is not the checkout price or resale offer for a specific bar or coin.
Start by identifying what each price represents
A number labeled “gold price” or “silver price” is incomplete without its quotation basis. First identify the metal and whether the figure is a benchmark, a dealer’s selling price, or a dealer’s buying price. These are different kinds of prices, so converting their currencies and units does not make them equivalent.
The LBMA Gold Price and LBMA Silver Price are benchmarks for unallocated metal delivered in London, not retail prices for particular coins or bars. LBMA says the benchmarks are administered by ICE Benchmark Administration. LBMA’s benchmark description and ICE’s benchmark page explain the benchmark basis.
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For a physical product, establish whether the dealer is quoting what you would pay to buy it or what the dealer would pay to buy it back. Record the product and its size as well. A benchmark and a dealer’s quote can differ even when both are expressed in the same currency per gram, because they refer to different transactions and products.
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Record currency, unit and timestamp before converting
Write down the currency, weight unit and time attached to every quotation. A comparison sheet might include columns for metal, benchmark or retail quote, currency, unit, timestamp, product size and transaction direction. If any of those details are missing, treat the comparison as incomplete rather than assuming the figures are like-for-like.
World Gold Council price data is generally expressed as currency units per troy ounce unless otherwise stated. Its methodology says local-currency values use an exchange rate from the time of the price, or as close to that time as possible. See the World Gold Council gold-price data and its price methodology.
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Convert between troy ounces and grams
Precious-metal prices commonly use the troy ounce, not the ordinary avoirdupois ounce used for many everyday weights. One troy ounce equals 31.1035 grams, according to the LBMA guide to the price.
- Price per troy ounce to price per gram: divide by 31.1035.
- Price per gram to price per troy ounce: multiply by 31.1035.
For example, if a quotation is 2,000 currency units per troy ounce, the equivalent per gram is 2,000 ÷ 31.1035, or about 64.30 of the same currency 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
Use an exchange rate whose direction is explicit. If the rate is quoted as target-currency units for one source-currency unit, multiply the source-currency price by that rate. Keep the rate and its timestamp with the result.
For example, a source price of 100 units per gram multiplied by an exchange rate of 1.25 target units per source unit becomes 125 target units per gram. That result is comparable to another figure only if the metal, price type, unit and timing also match. Rates taken at different times can create apparent price differences that come from currency movement rather than a change in the metal quotation.
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Align the timing of benchmark quotations
Benchmark schedules matter when matching a metal price with an exchange rate or another quotation. According to LBMA auction information, the Gold Price auctions take place at 10:30 and 15:00 London time, while the Silver Price auction takes place at 12:00 London time. Both benchmarks are set in US dollars per troy ounce. LBMA describes sterling and euro prices as indicative for settlement.
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These schedules mean a gold benchmark and a silver benchmark from the same calendar date were not necessarily set at the same moment. Note the applicable auction time and use an exchange rate from the corresponding time, or as close as the relevant data allows. Do not describe indicative converted prices as equivalent to the dollar benchmark’s settlement basis.
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Keep benchmark value separate from a bar or coin’s price
A converted benchmark gives a reference value for the benchmark’s metal basis; it does not tell you the amount a retailer will charge or pay for a specific item. Physical bullion can include a product premium above the live metal value, and a dealer may deduct a premium when buying it back. Small bars can cost more per unit of weight because manufacturing has fixed costs. The Royal Mint’s price charts and LBMA’s price guide provide context for these distinctions.
When comparing retail offers, match the same product size and transaction direction, then compare the quoted buy or sell amount against the benchmark value at a suitably close time. A lower quoted amount per gram is not necessarily a better equivalent offer if it refers to a different size, a dealer buyback rather than a sale, or a different product basis.
A practical comparison checklist
- Identify the metal and quote type: gold or silver; benchmark, dealer selling price or dealer buyback price.
- Capture the quote labels: currency, unit, date and exact time or benchmark auction.
- Normalize weight: use 31.1035 grams per troy ounce, dividing to convert per-ounce prices to per-gram prices and multiplying in the reverse direction.
- Normalize currency: multiply by a clearly directed exchange rate, and record when that rate applied.
- Match timing and product basis: distinguish auction times and, for physical items, align product size and buy/sell direction.
- Interpret the remaining difference: it may reflect a product premium, transaction spread, or differing benchmark market and delivery basis rather than an arithmetic error.
LBMA notes that a licence is required for use of real-time or historical benchmark data in pricing, valuation, transactions and financial products. Publicly explaining benchmark conventions is distinct from republishing benchmark datasets; consult LBMA’s precious-metal prices information and ICE’s terms and benchmark information before reproducing data series or tables.
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