|Date||Gold AM Fix||Gold PM Fix|
|Gold AM Fix||Gold PM Fix|
The OTC segment of the gold market accounts for almost all of the physical exchange of gold. The benchmark spot price of gold is the London fix. This is the most widely used indicator of the spot price of gold in the OTC cash market. The London fix occurs twice daily. The AM fix and the PM fix involve gold dealers from London's five biggest bullion banks.
This process involves an announcement by the gold fix chairman of the current estimated spot price of gold. The participating banks determine the quantity of buyers and sellers they have at that price. If there are more buyers than sellers, the chairman will adjust the spot price upward. The spot price is adjusted downward if there are more sellers. This process is continued until an equilibrium is achieved, and this becomes the new spot price of gold.