For gold it is set twice per day and once per day for silver. The London market issues a “fix” price twice per day for gold, and once per day for silver. These fix prices are a benchmark used by institutions, producers, and other large market participants to price contracts and settle large buy and sell orders.
What is the London gold fix?
Additionally, regulatory authorities closely monitor the gold market to ensure integrity and fairness. The London Gold Fix traces its origins back to the early 20th century. Established in 1919, the fix served as a mechanism for setting the benchmark price of gold and facilitating transactions among market participants.
What time does a gold fix price start in London?
The gold fix price is established in London at 10:30am (4:30am eastern standard time) and 3pm (9am EST) on all trading days. The silver fix price is established once per day at noon (6am EST). The fix process is done electronically, and normally takes 10-15 minutes, though it can take 30 minutes or longer during extreme market conditions.
