The London gold fixing or gold fix is the procedure by which the price of gold is determined twice each business day on the London market by the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons. It is designed to fix a price for settling contracts between members of the London bullion market, but informally the gold fixing provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. The gold fix is conducted in United States dollars (US$), Pound sterling (GBP), and the euro (€) daily at 10.30am and 3pm, London time, via a dedicated telephone conference facility.
Famous quotes containing the words gold and/or fixing:
“John Brown of Ossawattamie
Who died to set Abstraction free
Stole Washington’s gold-handled sword
Less for the gold than for the Lord....”
—Allen Tate (1899–1979)
“he dreadful darts
With rapid glide along the leaning line;
And, fixing in the wretch his cruel fangs”
—James Thomson (1700–1748)