What do jewelers pay for gold bullion?

Jewelers typically pay a price for gold bullion that reflects the current market price, known as the spot price, which fluctuates based on supply and demand factors. Additionally, they may pay a premium over the spot price to account for fabrication costs, as well as the quality and purity of the gold. The premium can vary based on market conditions, quantity purchased, and the specific type of gold bullion. Ultimately, the total cost reflects both the intrinsic value of the gold and the operational expenses of the jeweler.