Why retail gold cost more than the current gold price?
All online gold price websites show gold’s spot price. The gold spot price is the price of raw gold being mined by gold mining companies. These companies sell at that price to a gold refinery. Then the refineries produce gold bars or gold coins (usually 24K). And mark their own price and sell them to manufacturers.
And finally, the manufacturers turn gold into pieces of jewelry. They will also mark their own price. When the jewelry is ready they will sell it to wholesalers or jewelry stores. And the wholesalers or jewelry stores will mark their prices.
The below charts show the spot price of precious metals in ounces and grams.