Ask ten gold and silver retailers how often they update prices and you'll get ten answers: "every morning," "when the market moves a lot," "whenever we remember," "we don't tag, we quote." There's no single right schedule, but there is a right way to decide. This article walks through the options and the trade-offs.
Why update frequency matters
Precious metals trade continuously during market hours, so their value doesn't sit still. Every time the market moves and your tags don't, one of two things happens:
- The market rises: your tagged price is now below current value, and you're giving away margin on every sale.
- The market falls: your tagged price is now above current value, and customers who checked prices on their phone may walk out.
How much this matters depends on how much of each item's price comes from metal value. A one-ounce bullion coin is almost all metal. A designer ring is mostly design and craftsmanship. The more metal-heavy your inventory, the more update frequency matters.
Option 1: Once a day
Many stores reprice every morning from the previous close or an opening quote.
Works well for: jewelry stores where metal is a modest share of the price, and stores with low daily volume.
Watch out for: big intraday moves. If the market swings sharply, a full day at the wrong price can cost real margin or credibility.
Option 2: Tied to a benchmark
Some stores price from the LBMA benchmark prices. According to the LBMA, the gold price is set by auction twice a day, at 10:30 and 15:00 London time, and the silver price once a day at noon. Platinum and palladium are set twice a day, at 09:45 and 14:00.
Works well for: stores that want a recognized, explainable reference and stable prices for most of the day.
Watch out for: U.S. stores that are open long after the London afternoon price is set. A move during the U.S. afternoon won't show up until the next day. See our guide comparing spot price and LBMA benchmarks for more.
Option 3: At set intervals during the day
A common compromise is to refresh prices at fixed times, for example every hour or at open, midday and mid-afternoon.
Works well for: pawn shops and general precious-metals retailers that carry a mix of bullion-like items and finished jewelry.
Watch out for: the labor involved if you're doing this by hand. Reprinting tags several times a day is rarely practical without automation.
Option 4: Live, following spot
With a live spot feed and digital price tags, prices can update as the market moves. PriceTaglet, for example, describes its spot feed as updating continuously during market hours and pushing recalculated prices to the tags when spot moves.
Works well for: bullion and coin dealers, and any store where customers compare prices against online quotes.
Watch out for: customer perception. Some shoppers are uneasy if a price changes while they're looking at it. Many stores using live pricing set a minimum change threshold or a short delay, so tags only update when the move is meaningful.
A simple way to choose
Rank your inventory by how much of its price is metal value:
| Inventory type | Metal share of price | Suggested update rhythm |
|---|---|---|
| Bullion coins and bars | Very high | Live or hourly |
| Gold and silver sold near melt | High | Hourly to several times a day |
| Everyday karat jewelry | Medium | Once or twice a day |
| Designer or estate pieces | Low | Weekly or as needed |
You don't need the same schedule for everything. A store can run bullion on a live feed and update designer pieces by hand.
Two rules that apply to every schedule
1. The tag must match the register. Many state weights-and-measures inspectors check shelf prices against register prices using the NIST Handbook 130 procedure. A store passes at 98% accuracy or better. If your point of sale updates from a market feed but your tags don't, every market move creates potential mismatches. Whatever schedule you pick, keep the two in sync.
2. Don't turn market drift into fake sales. Under the FTC's Guides Against Deceptive Pricing (16 CFR Part 233), a "was" price in a sale comparison must be a genuine price you offered for a reasonably substantial period. A price that was briefly higher because the market spiked isn't a fair basis for a "reduced" sign.
Tell customers how you price
Whichever rhythm you choose, a small sign near the case helps: "Our gold and silver prices follow the market and are updated [daily / hourly / live]." It sets expectations and answers the question before anyone asks it.
For background on what drives the numbers, see our explainer on what a gold spot price is.
Sources
Sources
PriceTaglet
Price tags for your retail workflow.
PriceTaglet is price-tag technology for all retail operators, with ready-made software primarily for coin stores. Tags can integrate with POS systems; contact us to assess compatibility with your setup.
Discuss Your Setup →