Gold Prices 2012

What is the price of gold?

gold prices
Gold Bars. Image © AFP/Getty Images

The London bullion market is the preeminent, international over-the-counter market for the wholesale trading of gold and silver.

In 2012, gold prices were set by the now defunct London Gold Fixing. The London Gold Fixing was replaced by the London Bullion Market Association (LBMA) Gold Price in March of 2015. 

The London Gold Fixing:

Gold fixing prices were single prices available to clients around the world that were determined twice daily by the five members of the London Bullion Market Association.

Formally, this rate was designed for settling contracts between members of the bullion market, but informally it was recognized as the benchmark international price for gold products and derivatives.

The gold fix was quoted in US dollars, Pound sterling and the Euro at 10:30am and 3pm in London.

Gold Specifications:
Gold delivered through the London bullion market clearing system must conform to the following specifications:

  • The gross weight of a bar should be expressed in troy ounces (in multiples of 0.025), rounded to the nearest 0.025 of a troy ounce.
  • The gold must have a minimum fineness of 995.0 (parts per thousand) of fine gold.

Bars must be marked with the following:

  • Serial number
  • Assay stamp of refiner
  • Fineness (to four digits)
  • Year of manufacture (expressed in four digits)

Minimum gold content: 350 troy ounces (approximately 10.9kgs)
Maximum gold content: 430 troy ounces (approximately 13.4kgs)

Recommended dimensions:

  • Top: 255 x 81mm
  • Bottom: 236 x 57mm
  • Thickness: 37mm

Bars are generally close to 400 ounces or 12.5 kilograms.

Below are monthly averages of the London morning gold fix:

Gold Prices 2012:

YearMonthUSD/Troy OunceGBP/Troy OunceEUR/Troy Ounce
2012January$1656.0952£1067.2197€1281.9612
February$1743.0952£1102.8844€1317.0115
March$1675.0568£1058.8089€1268.2879
April$1648.5395£1029.1547€1251.8002
May$1585.1136£996.2578€1237.965
June$1595.6316£1025.3645€1271.9752
July$1592.7841£1022.0691€1295.5205
August$1,625.68--
September$1,741.93--
October$1,746.35--
November$1,724.35--
December$1,688.93--

Source: lbma.org.uk and westmetall.com

Note: From January through July 2012, average London morning fix price data was downloaded from lbma.org.uk. From August through December 2012, data on monthly average prices was aggregated in USD only and downloaded from Westmetall.com.

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