In olden days, for trading purpose Egypt used gold coins by their weight for business dealings. Later the coins were reformed and cut in to various shapes and wire. After 1300, the gold production was increased by the Hungary new mines. Then gold coins were produced throughout Europe. Spanish crowns were also made up of gold and were exported to countries like Netherlands, England and Venice.
The price of gold is usually declared by a group of five banks. The above price fixing was initially started on 12th September in the year 1919 by Gold Traders and Refiners of that period. They were Pixley & Abell, Samuel Montagu & Co, Mocatta & Goldsmid, NM Roths Child & Sons and Sharp Wilkins. Nowadays the gold prices are fixed in pounds, Euros and US dollars. The present gold prices of many gold products are derived from the gold price that was formulated and fixed as standard uniform price to be followed by each country.
The gold price announcement will taking place daily two times and it will be at the office of NM Roths Child & Sons but from 5th May in the year 2004 gold spot fixing is being done through telephone. Presently Scotia-Mocatta, Deutsch Bank, Pixley & Abell, HSBC, Barclays Capital, Societe Generale are taking care of spot gold price fixing.
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