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Gold price, USD per ounce, London PM fix
Notes
The gold price used in the charts and statistics on this site is the London PM fix. This price is quoted in US dollars. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate closing price on the same day. For example, the London PM fix on 30th September 2010 was USD 1,307.00 and the closing price for one USD was GBP 0.636. The gold price in pounds sterling (GBP) would therefore be calculated as £831.25.
Like all prices, the gold price reflects not only the inherent value of gold, but also the relative strength of the currency in which it is quoted. For example, the dollar price of gold may increase more in percentage terms than the sterling price of gold, to the extent that the change in price is a reflection of dollar weakness (in this case, against sterling) rather than an intrinsic change in gold market fundamentals. For this reason, our Investment Statistics contain charts showing an index of the gold price in US dollars and local currency units as well as the relevant US dollar / local currency unit exchange rate for countries other than the United States.
The gold price used in the charts and statistics on this site is the London PM fix. This price is quoted in US dollars. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate closing price on the same day. For example, the London PM fix on 30th September 2010 was USD 1,307.00 and the closing price for one USD was GBP 0.636. The gold price in pounds sterling (GBP) would therefore be calculated as £831.25.
Like all prices, the gold price reflects not only the inherent value of gold, but also the relative strength of the currency in which it is quoted. For example, the dollar price of gold may increase more in percentage terms than the sterling price of gold, to the extent that the change in price is a reflection of dollar weakness (in this case, against sterling) rather than an intrinsic change in gold market fundamentals. For this reason, our Investment Statistics contain charts showing an index of the gold price in US dollars and local currency units as well as the relevant US dollar / local currency unit exchange rate for countries other than the United States.
What does London PM Fix mean?
What does London PM Fix mean?
Answer:
Afternoon fixing price for gold and silver at London.
The London gold and silver fix are widely followed benchmarks for gold and silver prices.
The term 'fix' is used in a nautical sense, as in fixing on a point, which is the price at which the market is balanced. The 'fix' occurs when buy and sell orders of the fixing brokers are matched to bring the market into balance at a certain price, which becomes the 'fixing' price or 'fix' for short.
The London gold fix is set twice each business day. The London AM fix begins at 10am (5am in New York), and the London PM fix begins at 3pm (10am in New York). The London silver fix begins each business day at 12pm (7am in New York).
The London PM fix is widely followed to provide daily gold price quotes and is reported in major newspapers and at many gold-related websites.
A history of London fixing prices can be found on the London Bullion Market Association website.
source,click here:
What does London PM Fix mean?
Answer:
Afternoon fixing price for gold and silver at London.
The London gold and silver fix are widely followed benchmarks for gold and silver prices.
The term 'fix' is used in a nautical sense, as in fixing on a point, which is the price at which the market is balanced. The 'fix' occurs when buy and sell orders of the fixing brokers are matched to bring the market into balance at a certain price, which becomes the 'fixing' price or 'fix' for short.
The London gold fix is set twice each business day. The London AM fix begins at 10am (5am in New York), and the London PM fix begins at 3pm (10am in New York). The London silver fix begins each business day at 12pm (7am in New York).
The London PM fix is widely followed to provide daily gold price quotes and is reported in major newspapers and at many gold-related websites.
A history of London fixing prices can be found on the London Bullion Market Association website.
source,click here:
What does London PM Fix mean?
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