Tuesday, February 1, 2011
Gold is considered as the most important treasure in everyone’s life and it is used in many forms of jewels like chains, bangles, rings, necklaces, etc. Generally marriages can be witnessed with both bride and bridegroom wearing the gold ornaments. Usually the price of gold is announced daily two times in US Dollars, British Pounds and Euro through telephone at 10.30 GMT and 15.00 GMT. Currently five banks viz. Deutsche Bank, HSBC, Barclays Capital, Scotia Mocatta and Societe Generale are holding the responsibility in fixing the price of gold.
The common practice of London gold price announcement will be made by the concerned official on seeing a small union flag is raised by the participants of the meeting and registering a pause. Initially gold prices fixing commenced way back in the year 1919 on 12th September by gold bullion traders and refiners during that period. The spot gold price making was taken care by NM Rothchild & Sons, Sharps Wilkins, Mocatta & Goldsmid, Pixley & Abell and Samuel Montagu & Co. Most of all the value of money is revolving around gold spot price fixing ie. taking place daily.
Posted by Balaji at 7:39 AM