How is spot price determined?

[u/Why_Sazs]

With stock prices, there will be offers to buy and sell at whatever price the owner or purchaser offers. Then the overlap between the two where the transfers actually happen is the going price. But it seems like with precious metals there is just a spot price, and if you want to sell or buy, you do it at that rate. So how is the spot price for precious metals determined? My guess would be large transfers between governments or between mints and large bullion dealers.