Most of us would like to own gold in some form or other. For its united appreciation from its very existence the rush for the gold has continued since. Those were the days when gold coins are used in business by means of weighing them. These coins later roughly reformed and converted to the required shape. The Romans used gold coins for paying their soldiers even though considering its transaction value. In the year 1919 on September 12th, the gold bullion traders and refiners of those days have come to fix the gold prices.
At present the prices of gold are decided and fixed in US dollars, British pounds and Euros and the price of gold is declared daily two times at 10.30 and 15 hours at GMT time. Initially the city offices of NM Roth Child and Sons in St. Swithin’s lane will announce twice about gold price and from May 5th 2004 through telephone the gold spot fixing is being carried out. The gold spot came into effect as NM Roth Child and Sons Company have decided to withdraw gold business and also the gold price fixing in London.
The spot gold price is then regularly announced in London by a group containing five banks viz. Scotia-Mocatta, HSBC, Barclays Capital, Societe Generale and Deutsche Bank.