About GOLD PRICE LBMA-OPEC,updated finance market price
Gold Price: London Fixings, London Bullion Market Association (LBMA). Fixing levels are set per troy ounce. The London Gold Fixing Companies set the prices for gold that are globally considered as the international standard for pricing of gold. The Gold price in London is set twice a day by five LBMA Market Makers who comprise the London Gold Market Fixing Limited (LGMFL). The process starts with the announcement from the Chairman of the LGMFL to the other members of the LBMA Market Makers, then relayed to the dealing rooms where customers can express their interest as buyers or sellers and also the quantity they wish to trade. The gold fixing price is then set by collating bids and offers until the supply and demand are matched. At this point the price is announced as the 'Fixed' price for gold and all business is conducted on the basis of that price". LonDon Fixing have date availabe 1968.
London Bullion Market Association (LBMA). The bulk of global trading in gold and silver is conducted on the over-the-counter (OTC) market. London is by far the largest global centre for OTC. Although the physical market for gold and silver is distributed globally, most wholesale otcs trades are cleared through London. The average daily volume of gold and silver cleared at the London Bullion Market Association (LBMA) in November 2008 was 18.3 million ounces (worth $13.9 billion) and 107.6 million ounces (worth $1.1 billion) respectively.
The London Bullion Market Association (LBMA) is a marketplace and clearing-house for physical Gold and Silver, traded wholesale between central banks, producers, refiners and fabricators, most wholesale otc trades are cleared through London. The Gold Anti-Trust Action Committee claims that clearing data substantially understates the true amount of gold traded, due to the netting of trades in the calculation of Clearing Statistics. They claim the LBMA market is $21.6 billion per business day ($5.4 trillion a year). LBMA members come from Australia, Belgium, Canada, China, Germany, Hong Kong, India, Italy, Japan, Kazakhstan, Luxembourg, Mexico, Netherlands, Poland, Russian Federation, South Africa, Switzerland, Taiwan, Turkey, United Arab Emirates, United Kingdom, United States, and Uzbekistan.
Current and historical foreign exchange rates published by the European Central Bank.
The rates are updated daily around 4PM CET.
With this application you can know market prices :
- Update the price of gold, gold rate by hour by day.
- Compare the price of gold through each day each year.
- Refer gold price chart each 7 day, 30 day, 60 day...
- Refer to the price of gold from different gold markets, example Gold Prices in India, Gold Coins, Gold Bullion, Gold Futures, Gold Indexes, Gold Miners, Gold Price in Other Currencies, Gold Benchmark Prices, GOFO Gold Forward Rates...
- Known exchange rates and curency conversion of European Central Bank.
- Know the Opec oil price fluctuations, oil prices change, world petrol prices, refer to the chart
A full membership in the LBMA enables members to expand operations internationally, like it did for VTB Bank, for example. VTB, a Russian-based bank, joined in 2015 as the first full member from Russia and was able to begin expanding into Asian emerging markets as a result.
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