Gold fixing

Gold fixing is a process that sets the price of gold. It happens twice each day in London at 10:30 a.m. and 3:00 p.m. Five banks get together–the Bank of China, HSBC, JPMorgan, ScotiaMocatta, and UBS–and they agree on what they think the price of gold should be. This price is then used to set the price of gold all around the world. This is important because it helps people know what price to buy and sell gold for, no matter where they are in the world.