Gold London PM Fix (GC-099)
London is home to the international benchmark prices for Gold and Silver.
The London Gold and Silver Fixing Companies set the prices for both gold and silver on a daily basis. The LBMA is responsible for the GOFO benchmark prices. These prices are globally regarded as the international benchmark for pricing of a variety of bullion transactions and products.
The Gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in US dollars per fine troy ounce. The prices are also available in £ and €.
The Silver price is set once daily at 12:00 by the London Silver Fixing Company and is expressed in $ per troy ounce. Prices are also available in £ and €.
Gold Forward Rate Option Rates or GOFO for short, is set daily at 11:00 expressed as a % in five tenors ranging between 1 month to 1 year.
The first Fixing took place on 12th September, 1919, providing market users with the opportunity to buy and sell gold at a single quoted price. The Gold Fixing also provides a published benchmark price that is widely used as a pricing medium by producers, consumers, investors and central banks.