DEFINITION of 'Gold Fix'
The twice-daily act of setting gold prices by the five members of The London Gold Market Fixing Ltd. This rate is used as a benchmark for pricing the majority of global gold products and derivatives.
BREAKING DOWN 'Gold Fix'
Twice a day, The London Gold Market Fixing Ltd. sets the price of gold based on the basic economic principles of supply and demand. The world then uses these prices to determine the price of bullion and gold-related products.