Set by the London Bullion Market Association (LBMA), the gold fix price (otherwise known as the ‘LBMA Gold Price’ or the ‘London fix’) is a benchmark regulated by the UK’s Financial Conduct Authority (FCA).
Whilst the LBMA owns the gold fix price, it is operated by the ICE Benchmark Administration (IBA). The IBA’s role is to ‘ensure that the LBMA gold price has integrity, represents the underlying market interest for gold and complies with all applicable regulations’.
IBA administer the auction independently with prices set twice a day as the five members of the London Gold Pool come together on a conference call. The first is at 10:30am UK time each business day (the ‘London am fix’ or ‘London morning fix’). As other countries wake up and start trading gold, the fix gold price is then set again according to COMEX, a division of the New York Mercantile Exchange (NYMEX), and at 3pm UK time for the ‘London pm fix’ or ‘London afternoon fix’.
As the gold market operates 24 hours a day and therefore doesn’t have a closing price, the afternoon gold fix price is often used to indicate a closing price on any given day.
The price on the website is provided in pounds, US dollars and Euros and it’s focused on providing a price per troy ounce, the traditional unit of weight used for precious metals. It’s a term derived from the French town of Troyes, where, in the Middle Ages, the unit was first used. One troy ounce is equal to just over 31 grams.
You can visit the IBA’s website to find the gold fix price in the following sixteen currencies:
- Australian Dollars
- British Pounds
- Canadian Dollars
- Euros
- Onshore and offshore Yuan
- Indian Rupees
- Japanese Yen
- Malaysian Ringgit
- Russian Roubles
- Singapore Dollars
- South African Rand
- Swiss Francs
- New Taiwan Dollars
- Thai Baht
- Turkish Lira
The Gold Bullion Co. publish the live price of gold in a chart. We use the gold fix price as a bench to allow us to remain competitive when pricing our huge range of gold bullion bars and coins.
