how the prices of gold be decided?

Answer 1

The price of gold is determined on the open market, but a procedure known as the Gold Fixing in London, originating in september 1919, provides a daily benchmark figure to the industry.

The Gold Fixing (also known as the London Gold Fixing or Gold Fix) is the procedure by which the price of gold is set on the London market by the five members of the London Gold Pool. It is designed to fix a price for settling contracts between members of the London bullion market, but informally the Gold Fixing provides a recognised rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. The Gold Fixing is conducted twice a day by telephone, at 10:30 GMT and 15:00 GMT.

The first fixing took place on 12 September 1919 amongst the five principal gold bullion traders and refiners of the day: N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins. The gold price then was four pounds 18 shillings and ninepence (GBP 4.9375) per troy ounce.

Due to wartime emergencies and government controls, the London Gold Fixing was suspended between 1939 and 1954.

On 21 January 1980 the Gold Fixing reached its highest ever price of 850 United States dollars (USD). Gold prices are also fixed in Pound sterling (STG) and European euros (EUR).

The Fixing historically took place twice daily at the City offices of N M Rothschild & Sons in St Swithin's Lane, but since 5 May 2004 it takes place by telephone. In April 2004 N M Rothschild & Sons announced that it planned to withdraw from gold trading and from the London Gold Fixing. Barclays Bank took its place from 7 June 2004, and the chairmanship of the meeting, formerly held permanently by Rothschilds, now rotates annually.

A tradition of the London Gold Fixing was that participants could raise a small Union Jack on their desk to pause proceedings. Under the telephone fixing system, participants can register a pause by saying the word "flag", and the chair ends the meeting with the phrase "There are no flags, and we're fixed".

The current five participants in the Fixing, who must be members of the London Bullion Market Association, are:
Scotia-Mocatta — successor to Mocatta & Goldsmid and part of Bank of Nova Scotia
Barclays Capital — Replaced N M Rothschild & Sons when they abdicated
Deutsche Bank — Owner of Sharps Pixley, itself the merger of Sharps Wilkins with Pixley & Abell
HSBC — Owner of Samuel Montagu & Co.
Société Générale — Replaced Johnson Matthey and CSFB as fifth seat

Answer 2

Mumbai: Values of spot gold declined and closed at Rs 9,650 per ten gm and silver also finished low at Rs 18,805 per kg in the week ended on August 12 due to increased offers by stockists along with bearish advice from the global markets, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened high on Monday at Rs 9,810 and Rs 9,860 per 10 gm, respectively, on good demand from local dealers.

The prices were high on August 10 at Rs 9,825 for standard mint and Rs 9,870 for pure gold, while its low was on August 12 at Rs 9,595 and Rs 9,645 respectively.

Finally, they closed low at Rs 9,595 for standard mint gold and Rs 9,650 for pure gold per 10 gm.

Both the yellow metals showed a huge loss of Rs 175 for standard gold and Rs 170 for pure gold from their previous weekend close.

Answer 3

Toughness (14K, 18K, 24K), Color, Weight

Answer 4

pramod it is by times of carrot

Answer 5

Supply and demand, my friend.

Supply and demand.