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Gold Prices

What is the price of gold?

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The London bullion market is the preeminent, international over-the-counter market for the wholesale trading of gold and silver.

Trading at the London bullion market is conducted by members of the London Bullion Market Association (LBMA).

Over the counter trading between dealers and clients, or third-party investors, banks and traders, is cleared through the London bullion market clearing system, which overseas between US$ 20-40 billion per month in gold transactions.

Gold Prices:
Two-way gold spread prices are offered by members of the LBMA during each trading day. These spread prices include a low (bid) prices and a high (offer) prices; effectively, prices that that the dealer is willing to buy and sell gold for.

In addition to the two-way bid and offer quotations, gold fixing prices are available.

Gold fixing prices are single prices available to clients around the world and determined twice daily by the five members of the LBMA. Formally this rate is designed for settling contracts between members of the bullion market, but informally is recognized as the benchmark international price for gold products and derivatives.

The gold fix is quoted in US dollars, Pound sterling and the Euro at 10:30am and 3pm in London.

Gold Specifications:
Gold delivered cleared through the London bullion market clearing system must conform to the following specifications:

  • The gross weight of a bar should be expressed in troy ounces (in multiples of 0.025), rounded to the nearest 0.025 of a troy ounce.
  • The gold must have a minimum fineness of 995.0 (parts per thousand) of fine gold.

Bars must be marked with the following:

  • Serial number
  • Assay stamp of refiner
  • Fineness (to four digits)
  • Year of manufacture (expressed in four digits)

Minimum gold content: 350 troy ounces (approximately 10.9kgs)
Maximum gold content: 430 troy ounces (approximately 13.4kgs)

Recommended dimensions:

  • Top: 255 x 81mm
  • Bottom: 236 x 57mm
  • Thickness: 37mm

Bars are generally close to 400 ounces or 12.5 kilograms.

Below are monthly averages of the London morning gold fix:

Gold Prices 2012:

Year Month USD/Troy Ounce GBP/Troy Ounce EUR/Troy Ounce
2012 July $1592.7841 £1022.0691 €1295.5205
June $1595.6316 £1025.3645 €1271.9752
May $1585.1136 £996.2578 €1237.965
April $1648.5395 £1029.1547 €1251.8002
March $1675.0568 £1058.8089 €1268.2879
February $1743.0952 £1102.8844 €1317.0115
January $1656.0952 £1067.2197 €1281.9612

Source: LBMA.org.uk

**Prices published on About.com are for reference purposes only and should not be relied upon for business or investment purposes.**
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