Welcome to view page of Gold Price Chart provided by GoldPriceOZ website. It shares history gold price per ounce, per gram and per kilo in the majority of currencies; it also shares gold price charts for the past 6 hours, 24 hours, 30 days, 90 days, 180 days, 1, 2, 5, and 10 years. Compared to gold price history chart, gold price chart provides more detailed information of history gold price, especially the gold price charts for the past 6 and 24 hours. By viewing the gold price charts, investors may analysis trend to get optimal decision and improve their long-term returns.
Gold Price Chart
History of the London Gold Fixing:
On 12 September 1919 at 11:00 am, the price of gold was first set by the original five founding members. The gold price was determined to be £4.9375 per troy ounce. The price of gold in New York was $19.39 per troy ounce. In 1933, the US government required US citizens to turn in their gold for $20.67 per ounce. Hereafter, the gold price was set at $35.00 per ounce. From 1939 to 1954, the London gold market was closed because of wartime emergencies and government controls, therefore, the London gold fixing was suspended.
On 21 January 1980 the gold fixing price reached the price of $850 which price was not overtaken until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing. However, considering the inflation index, the record of gold price in 1980 is equivalent to a price of $2,305.18 in 2011 dollars, thence the 1980 record still holds in real terms. On 6th September 2011, gold price hit its all-time high of $1,895 per ounce as a result of the U.S. debt crisis and the eurozone crisis. From the end of 2012, the price of gold started to plummet and decreased to $1,192 on 28th June 2013.
Frequency of London Gold Fixing:
From 1919 to 1968, the price of gold was fixed only once a day at 11:00 am. Afterwards, a second gold fixing was introduced at 3 p.m. to coincide with the opening of the US markets, because the London Gold Pool collapsed in March 1968 so that the gold price was no longer under control of the Bank of England.
Participants of London Gold Fixing:
The original five founding members included N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins. In 1919, the first few fixings were conducted by telephone. From then to 2004, the participants of London gold fixing would hold a face-to-face meeting at the London offices of N M Rothschild & Sons in St Swithin's Lane. Since 5 May 2004 it takes place by a dedicated telephone conferencing system.
In 2004, N M Rothschild & Sons chose to quit the gold trading and London gold fixing, Barclays Capital took its place. In addition, the chairmanship of meeting, formerly held permanently by Rothschilds, now rotates annually between five members - the Bank of Nova Scotia-Scotia Mocatta, Barclays Capital, Deutsche Bank, HSBC Bank and Société Générale.
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