The units of gold price weight is the troy ounce, commonly abbreviated as TOZ, informally used as OZ, which is derived from the Roman monetary system. Gram and kilo are also the units of gold price weight. And 1 OZ =28.349523125 grams, 1 kilo =1000 grams.
There are many prices to describe the gold, such as bid price, ask price, gold spot price, gold fixing price and so on. However, the gold fixing price is a benchmark for the gold and the gold-related goods transaction. The gold fixing price is also called London gold fixing which is fixed by the five members of the London Bullion Market Association. When supply meets demand, the gold price is fixed. Gold price is fixed twice a day at 10:30am and 3:00pm, London time. Then the fix price is published online, in newspaper and on the teletext services.
