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Price for an ounce of fine gold - London Fixing 2019-2020

This statistic shows the monthly average price for an ounce of fine gold in London (morning fixing) from August 2019 to August 2020. As of August 2020, an ounce of gold cost 1,971.17 U.S. dollars, up from 1,780 U.S. dollars per ounce in September 2011.

London fixing gold price

In January 2020, the average price for an ounce of fine gold was 1,560.67 U.S. dollars. Although the monthly price for fine gold fluctuates, the average annual price of fine gold is increasing. In 2001, the price for one ounce of gold was 271 U.S. dollars, and by 2012 the price had risen to some 1,670 U.S. dollars. By 2019, the annual average gold price was 1,392.6 U.S. dollars per ounce. In 2019, gold demand reached 4,355.7 metric tons worldwide.

Price determinants of fine gold

Fine gold is considered to be almost pure gold where the value of the metal depends on the percentage of fineness. Twenty-four carat gold is considered fine gold (from 99.9 percent gold by mass and higher). London Gold Fix acts as a benchmark for the price of gold. The price of gold is set by the members of the London Gold Market Fixing Ltd undertaken by Barclays and its other members. The price is determined twice per business day at 10:30 am and 3:00 pm based on the London bullion market in order to settle contracts within the bullion market. The price is based on the equilibrium point between supply and demand agreed upon by participating banks. Gold prices must remain flexible and gold fixing provides an instantaneous price at specified times.

Price for an ounce of fine gold (average price) in London (morning fixing) from August 2019 to August 2020

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Source

Release date

September 2020

Region

United Kingdom (Great Britain)

Survey time period

August 2019 to August 2020

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Statistics on "Gold"

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