COMEX
Definition
COMEX is the main US futures exchange for trading gold, silver, and other metals. Its actively traded contracts help establish the benchmark prices that the broader market follows.
When you see a quoted gold or silver price in the United States, it usually traces back to trading on COMEX.
Why it matters
COMEX (now part of the CME Group) is where a large share of metals futures change hands. Because so much volume flows through it, the price of its nearest-month contract is a key reference point for dealers, refiners, and investors worldwide. Movements there ripple into the prices you pay at a coin shop.
In practice
Traders on COMEX buy and sell standardized contracts, for example 100 troy ounces of gold per contract, for delivery in a future month. Most contracts are closed out before delivery rather than settled in physical metal, so the exchange functions mainly as a pricing and hedging venue.
Common confusion
COMEX sets a futures price, not the spot price directly, though the two track each other closely. The small, shifting gap between them reflects financing costs and time to delivery rather than a different value for the metal itself.