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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