Hedging on London Fix available

London Fixing Prices

The London Gold Fixing (or Gold Fix)is the setting of the price of gold that used to be held on the premises of Nathan Mayer Rothschild & Sons by the members of The London Gold Market Fixing Ltd . However, in 2004, Nathan Mayer Rothschild left the precious metals business in London and sold its place on the fixing to Barclays. From that time onwards, the fixing has taken place via a dedicated conference line. This was clearly a necessity as some banks moved their London operations away from the close proximity to the Bank of England and gravitated to areas such as Canary Wharf.

However, the benchmark is still determined twice each business day  of the London bullion market - the exceptions to this being Christmas Eve and New Year's Eve when there is only one fixing which is in the morning. It is designed to fix a price for settling contracts between members of the London bullion market, but the gold fixing informally 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 the United States dollar (USD), the Pound sterling (GBP), and the Euro (EUR) daily at 10.30am and 3pm, by London time.

The current participants in the fixing are Barclays, the Bank of ChinaBank of CommunicationsGoldman Sachs,  HSBC Bank USAJPMorgan ChaseMorgan Stanley,  Société GénéraleStandard Chartered ScotiaMocatta (Scotiabank), the Toronto-Dominion Bank, and UBS.

These members are changing swiftly as computers do more and I'm sure these parties will be changed dramatically by the end of the year. Also as someone that follows the gold market  very closely it has become my belief that China shall take over the metals markets in the next five years and a Chinese Fix shall become the new Benchmark for the world.