The first gold fixing took place on September 12, 1919.

The first gold fixing took place on September 12, 1919. The 5 members, Barclays Plc, Deutsche Bank, Bank of Nova Scotia, HSBC, and Societe Generale meet for the fix twice a day at 10:30 am and 3 pm London time. The Chairman gives an opening price before the fix commences and the banks  either buy, sell, or show no interest. Based on this, the price increases or decreases until buyers and sellers are matched or the imbalance is 50 bars or less. Once this happens the price is “fixed.” This benchmark represents a point in time when the AU market is considered to be in equilibrium. Banks are considering to meticulously examine the process and look for ways to implement the fixing procedure.  According to Bloomberg News, there are concerns the markets are being manipulated and perhaps this process needs to be updated. Deutsche Bank plans to drop out of the AU & AG fixing altogether once a replacement for its seat is found since it is scaling back its commodities business.