Market data explained
Where gold and silver prices come from
There is no single universal “spot-price machine.” Precious-metals prices emerge from active wholesale trading, benchmarks and futures markets. FairGold uses MetalPriceAPI as an external market-data reference, then applies the verified facts of each item to calculate a customer buying rate.
Educational guide · Reviewed July 17, 2026 · About 5 minutes
Our external reference
What MetalPriceAPI does
MetalPriceAPI is a third-party data service that publishes current and historical precious-metals rates through an API. According to its own description, it collects rates from a worldwide network of trading sources and institutions, blends them algorithmically, reconciles differences and filters anomalies.
FairGold uses this service as a practical market-data input for gold and silver. An API rate is not itself a promise to purchase a particular ring, coin, bar or silverware set. The item still has to be identified, tested, weighed and matched to the appropriate buying category.
Important market context
What LBMA benchmarks and COMEX/CME futures represent
These markets and benchmarks help participants observe, transfer and manage precious-metals price risk. They are important context, but they are not FairGold retail buying schedules.
A connected wholesale market
How spot-price discovery works
“Spot” generally refers to the market value for prompt delivery of wholesale metal. It is better understood as a continuously changing market reference than as one fixed price published by one organization.
Dealers quote two-way markets
Banks, refiners, bullion dealers and other professional participants quote bids and offers in over-the-counter markets.
Exchanges reveal traded prices
Futures order books show where standardized contracts are being bid, offered and traded for different delivery months.
Markets stay connected
Arbitrage and hedging link physical metal, spot quotations, futures, currencies, financing costs and regional supply and demand.
References can differ slightly
Timing, currency conversion, data methodology, spreads and market conditions can produce small differences between providers.
Benchmark, spot and futures are related—not interchangeable. A benchmark is a defined reference produced at a defined time. A spot quote is a current wholesale indication. A futures price applies to a standardized contract and delivery month.
From market context to an offer
How FairGold calculates customer buying rates
FairGold starts with its market-data reference and turns it into posted buying rates by metal and category. The final offer uses the rate applicable when the item is evaluated.
1. Purity
XRF testing and item inspection help establish the effective karat or fineness rather than relying only on a hallmark.
2. Payable weight
Stones, movements, steel, filling and other non-precious components are excluded or handled separately.
3. Item type
Jewellery, dental gold, coins, bars, sterling flatware and other categories can have different processing and resale paths.
4. Volume tier
Larger verified quantities can qualify for a different published tier because handling economics change with volume.
Accuracy and independence
What this relationship does—and does not—mean
FairGold does not claim that MetalPriceAPI receives every quote directly from LBMA, COMEX, CME or any other named institution. LBMA benchmarks and COMEX/CME futures are described here as important market context. FairGold is not affiliated with, sponsored by or endorsed by MetalPriceAPI, LBMA, ICE Benchmark Administration, COMEX or CME Group.
The external organizations named on this page do not set FairGold’s customer buying rates or evaluate customer items. FairGold independently determines its posted rates and offers using its market-data reference, verified purity, payable weight, item type and volume tier.
Official further reading
- MetalPriceAPI — Frequently asked questions and data methodology
- LBMA — Precious-metal benchmark prices
- CME Group — COMEX gold futures market
This article is general educational information, not financial advice or a guaranteed quote. Market structure and third-party services can change; consult the named organizations for their current rules and methodologies.