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London Fixing: price of gold per gram

What is the London fixing? Basically, it is an agreement between parties, or rather a mechanism set up because in the field of precious physical metals there is no valid single price for a given moment.

It is no coincidence that the various bullion banks and intermediaries that deal with the sale of precious metals, and, in particular, gold and silver, set prices directly to their customers. Thus, every completed contract is unique and does not refer to an official price.

Trading in this sector stems from an agreement between seller and buyer that are both responsible for evaluating and assessing any risks. It is a very different type of pact compared to the one which is completed in the stock market or in the derivatives market. This mechanism, however, also makes it difficult to obtain a real assessment of gold, especially by less active (even though very capable and expert) operators who cannot be sure of obtaining the real market price.

This is why then, the London fixing exists because it takes a daily picture of the precious metals market: at 10.30 am and 3 pm (at midday for silver) London time. Why this particular city? Because the City is the nerve centre for the exchange of precious physical metals.

The price set by the London fixing mechanism is the result of real demand and offer daily in the precious metals sector. The mechanism basically works as follows: the major bullion banks analyse the backlog of their customer orders, the proportion of buyers and sellers and together agree on a price that allows them to process the outstanding orders.
It is, therefore, a real price, which stems from the relationship between real supply and demand, and, thus, from actual sales and purchases.

And although it is true that the price set by the London fixing mechanism is decided behind closed doors and does not follow any particular rules, it is also true that it is strictly linked to the “official price” that is used as a reference in real-time wholesale trading.

It should be pointed out, however, that the London fixing is different from the real-time listing, because while precious metals are traded continuously on the markets, the fixing sets a value that is only valid until the next meeting when the next price will be decided.

The values are fixed and shown in US dollars per troy ounce and are published on the official site of the LBMA with a 30-minute delay. Each troy ounce measures 31.1034768 grams and prices are also published in Euros and Pounds. However, these values should only be considered an indication because currency exchange rate which obviously changes continuously.

XAU AM PM
Data USD/OZ EUR/OZ USD/OZ EUR/OZ
16/01/2022 1.822,25 1.590,28 1.822,95 1.595,45
13/01/2022 1.822,40 1.589,50 1.820,35 1.587,16
12/01/2022 1.816,40 1.598,80 1.821,40 1.594,82
11/01/2022 1.805,20 1.593,63 1.806,80 1.595,22
10/01/2022 1.800,55 1.589,35 1.794,20 1.588,41
09/01/2022 1.792,20 1.584,30 1.792,60 1.581,79
06/01/2022 1.804,95 1.595,03 1.789,35 1.580,71
05/01/2022 1.818,50 1.607,37 1.826,25 1.610,94
03/01/2022 1.820,10 1.606,06 0,00 0,00
02/01/2022 1.820,10 1.606,06 0,00 0,00
30/12/2021 1.799,25 1.590,72 1.805,85 1.593,48
26/12/2021 1.805,55 1.594,12 1.805,20 1.595,98
23/12/2021 1.805,55 1.594,12 1.805,20 1.595,98
22/12/2021 1.789,90 1.584,96 1.792,80 1.584,66
21/12/2021 1.795,85 1.590,40 1.793,75 1.591,42
20/12/2021 1.797,40 1.595,73 1.796,30 1.590,26
19/12/2021 1.807,50 1.595,84 1.807,70 1.598,91
* I valori dei fixing non vengono esposti in tempo reale ma vengono aggiornati entro il giorno lavorativo successivo
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