Explanatory Notes - Gold prices against US$
London gold price
OVERVIEW
London is a major market for transactions in gold with prices being set twice daily (currently 10.30 and 15.00 hours) since 8 September 1919 by representatives of five bullion dealers. Buy and sell orders are received by these representatives during the fixings and the price in US dollars per fine troy ounce is adjusted until the supply and demand are in balance. While sellers receive the price "fixed", buyers are charged a fixing commission of a quarter percent (minimum US$ 100).
Figures shown here from 1975 1st quarter to 1979 3rd quarter inclusive are the averages of Friday observations. Thereafter, they are based on daily observations.
