The London Fix Price is the daily, global set price of precious metals (gold, silver, platinum, and palladium) published by the London Bullion Market Association (LBMA). It is determined by a brief conference call between the five members of the London Gold Pool. Historically, these 5 member banks have been:
- Barclays Capital
- Deutsche Bank
- Société Générale
The London Fixing Price is also known as the “London A.M. Fix,” “The London P.M. Fix,” and the “London Morning Fix.”
How The London Fixing Price Operates
The LBMA provides the daily spot fix prices on its website in U.S. dollars, British pounds and euros. The price does not stay the same throughout the morning and afternoon. It begins to vary immediately after the spot fix.
Here are the times the prices are set:
- The LBMA Gold price is determined twice daily at 10:30 and 15:00 GMT.
- The price for Silver is set at 12:00 GMT daily.
- Platinum and Palladium prices are fixed twice daily at 09:45 and 14:00 GMT
The orders sent to the five banks are limit orders, that is, a customer sets the lowest price at which they would like to buy or sell. In other words, if the price of a precious metal opens above the limit purchase order set by the customer, it will not be executed when the market opens.
Since other products are priced in terms of gold, the London Spot Fix is an important factor in daily trading. In addition, many miners and refiners use the gold spot set to price their purchases and receipts.
Sell Your Precious Metal Scrap or Bullion
If you’re looking to sell your precious metal scrap or bullion, be sure to exchange them with a precious metals refiner like Manhattan Gold and Silver. We determine the value of your precious metal using the latest London Fix Prices and get you a fast, fair payout