gold-fixing

An international benchmark for pricing that is published every business day in London at 10:30 a.m. and 3 p.m. There are four members of the gold fixing committee, all of whom also are market makers on the London Bullion Market Association. The committee meets at NM Rothschild & Sons Ltd., the offices of the fixing chairman. The other three members are Bank of Nova ScotiaScotiaMocatta, Deutsche Bank AG, and HSBC Bank. The purpose behind the gold fixing is to give market participants a single price that can be used to transact business. Many other financial instruments are priced from the fixing, including options and cash-settled swaps. During the price-fixing process, the price of gold fluctuates and orders can be changed until both the buyers’ and sellers’ orders are satisfied and the price is set or “fixed.” The gold fixing began in 1919.