Much like trading currency pairs, spot gold enables traders to take a long or short position in gold while simultaneously taking the opposite position in the U.S. dollar. Spot gold trades globally in an over-the-counter market, and gold prices float freely based on supply and demand. The spot price is the price quoted for the gold to be paid for (including delivery) two days following the date of the actual transaction (also known as the settlement date). Spot gold trades a lot like currency pairs in the foreign exchange market. Trading is available 24 hours a day from Sunday at 6:00 pm ET to Friday at 5:00pm ET. The spot gold market has no central market however, the main centers for gold trading are London, New York, and Zurich. Liquidity is typically highest when European market hours overlap with trading in New York - roughly four hours a day during the morning for U.S. traders. There is a twice-daily fix in London that helps to set a reference point for intraday gold prices. Settlement is very similar to forex settlements.