DEFINITION of 'London Spot Fix'
A price per ounce for each of the precious metals (gold, silver, platinum and palladium) determined daily at 10:30 and 15:00 GMT by a brief conference call among the five members of the London Gold Pool (Scotia-Mocatta, Barclays Capital, Deutsche Bank, HSBC and Société Générale). The London spot fix price is the price fixed at the moment when the conference call terminates.
London spot fix is also referred to as "London a.m. fix" and "London p.m. fix" or "London morning fix" and "London afternoon fix".
BREAKING DOWN 'London Spot Fix'
Members of the London Gold Pool belong to the London Bullion Market Association (LBMA). The LBMA provides the daily spot fix prices on its website in U.S. dollars, British pounds and euros. The price does not remain fixed throughout the morning and throughout the afternoon, however, and begins to vary immediately after the spot fix.