What Is Gold Fixing?

The primary way that the gold price is determined as a worldwide standard, each day, is the London Gold Fixing procedure.

When you see a gold chart that is labelled London Gold Fix, what does that mean?  At 10:30 a.m. and 3:00 p.m. (London time), the five members of The London Gold Market Fixing Ltd. have a telephone conference call to determine the price of gold at that moment based upon supply and demand.  

While this is done with the intention of settling contracts between members of the London bullion market (a wholesale over-the-counter market for trading gold and silver), it is also the standard measurement for pricing gold products and derivatives throughout the world’s markets.

Gold prices are fixed in United States dollars (USD), Pound sterling (GBP), and European euros (EUR).  The London PM fix, which is done when the U.S. markets open, is considered to be the primary reference price for the day, and is the price used most often in contracts.

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Is a Troy Ounce the Same as a Regular Ounce?

If you want to buy or sell gold, other precious metals, or gemstones, you will want to check the current ounce price to determine its value.  However, don’t think that you can get an accurate dollar amount by weighing your gold on a postage scale, for instance, because an ounce of gold is called a troy ounce and is very different from the avoirdupois ounce that is commonly used in the United States.

It’s very important to know some basic weight terms if you want to understand charts and discussions and news reports about precious metals and gemstones.  Therefore, I’ve provided for you a concise glossary of terms below: avoirdupois ounce, troy ounce, grain, and pennyweight.   

NOTE:  While most of the world uses the metric system, the United States primarily uses the U.S. customary system (also called the American system) to measure weight.

 

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How to Test Gold at Home or When Traveling

In previous blog posts, you have learned the difference between a karat and a carat as well as understanding the karat value of gold.  But how can you test gold to find out if it’s real or not?  And how can you be sure the karat number that’s imprinted on your jewelry is authentic and not a fake?

There are several things you can do to determine whether that piece of jewelry is real gold, and what the karat value is.

 

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