The term "spot price" refers to the current market value or cost of a commodity, security, currency, or asset that is traded in an open market for immediate delivery. It represents the most up-to-date and accurate reflection of supply and demand forces at any given moment in time. Spot prices are typically used as benchmarks for pricing other financial instruments, such as futures contracts, options, and swaps. In commodity markets, spot price refers to the current cost of buying or selling a physical amount of the underlying asset, usually within 24 hours of settlement.