Q:

Who sets the current price of gold?

A:

Quick Answer

As of 2015, The London Gold Market Fixing Ltd. sets the current price of gold. This is a twice daily occurrence, except for Christmas Eve and New Year's Eve, when it occurs in the morning only.

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Who sets the current price of gold?
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Full Answer

Membership within The London Gold Market Fixing Ltd. refers to bankers who are simultaneously members of the London Bullion Market Association. Twice each day, five members representing the five biggest bullion banks of London meet to decide upon gold trading prices. These prices, known as benchmarks, determine gold prices internationally. This process is the London Gold Fix or The London Gold Fixing. Kitco, a buyer and seller of bullion bars, furnishes a daily chart of gold prices via the London Gold Fix.

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