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History and Breaking News:

The price of gold is determined through trading in the gold and derivatives markets, but a procedure known as the Gold Fixing in London, originating in September 1919, provides a daily benchmark price to the industry. The afternoon fixing was introduced in 1968 to provide a price when the US markets are opened. The London bullion market is a wholesale over-the-counter market for the trading of gold and silver. Trading is conducted amongst members of the London Bullion Market Association (LBMA), loosely overseen by the Bank of England. Most of the members are major international banks, bullion dealers and refiners since the early 20th century. The London Gold Fix set the price for gold for the physical settlement between the five important market makers in London. While the spot price often differed from the Fix, it is widely quoted and used as a bench mark for futures prices and other settlements in gold.

Current news :

CME/Thomson Reuters was chosen on July 11 by the London Banks to supply the solution to the London silver price and gold fix by converting it over to a transparent and electronic platform. The consensus to modernize was gained during the LBMA's market consultation meeting which involved two market surveys, a seminar, and numerous meetings with market participants, solution providers and regulators. The consultation followed news that the London silver fix -- a benchmark price set by the London Silver Fixing Co. since 1897 -- will cease in its current form on August 14. The soft launch will be held August 8. The last of the silver and gold fixes will be undertaken August 11-14 and the Electronic London Silver & Gold Price will officially launch on August 15.