On September 12, 1919 a group of five banks in London who were gold bullion traders and refiners set the gold price. This group of five banks included Pixley & Abell, NM Rothchild & Sons, Mocatta & Goldsmid, Samuel Montagu & Co., and Sharps Wilkins. At that time, the gold price was fixed at 4 ponds 18 shillings and nine pence per troy ounce.
The purpose of the gold price is to have a standard rate that can be used as a point of reference for the widely held gold products, existing gold prices and by-products all over the world’s market. At present, gold prices are fixed in US$, British Pounds and Euro. The gold price is fixed by way of telephone two times everyday (at 10:30 GMT and 15:00 GMT).
For online search of the current gold prices and gold charts, the terms commonly used are price of gold, gold price, gold prices, gold spot and spot gold. The group of five banks who first fixed the gold prices were succeeded and replaced by the following banks: Deutsche Bank, Barclays Capital, Scotia-Mocatta, HSBC, and Societe Generale.
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