The gold fix is given at set times in the day. There is an AM price fixing and a PM price fixing. The fix is given in dollars, pounds and Euros. As supply and demand constantly changes, the gold price then fluctuates throughout the day, reflecting on the trading through bids and offers, and is displayed in real-time by bullion sites such as www.gold-bank.co.uk
Why does the fixing price hold such a massive importance?
Regardless of the gold price fluctuating on a continuous basis, the fix is vital as it frames the trends for that day and we see investment decisions made around the fix price points, which also helps with the predictions for supply and demand.
Although most gold purchases are made at the fluctuating gold spot price for that specific time, the larger members of the gold industry such as banks, miners and refiners use the fix price as a reference. The fixed price is useful to help those interested in the bullion market, this can be investors or everyday customers who can use the price as a guideline on when they feel it is right to buy or sell their gold. The fixing price can be used to see the historic fluctuations of the gold price.