How to find the Bank of England Gold Price
In this period of economic uncertainty, many investors are wary of placing their funds in traditional options such as stocks and bonds. Instead a growing number of investors are putting their money into gold, which is seen as a solid and reliable investment. Traders in London exchange gold based on the Bank of England gold price which is reset twice daily.
As gold is traded around the world, the demand increases or decreases depending on a number of factors. One of the biggest influences on the price of gold is the ratio between supply and demand. As this figure is changing constantly, the Bank of England gold price is reset twice daily, at 1030 and 1500 hours. The exact figure is decided by representatives from five different gold bullion dealers, who select a price that brings the levels of supply and demand into balance. Those who are trading in gold, or who are intending to sell gold objects to a professional buyer, should obtain the most up-to-date gold price from the Bank of England website before agreeing on a figure.
In order to trade successfully in gold, most investors will need to monitor international trends. The Bank of England has a large online database which is open to the public. Using this service it is possible to filter results for the gold price against Sterling and against US dollars, over a time period stretching from the 1st of January 1963 to the most recent figure. The Bank of England gold price spreadsheets can be viewed in a variety of formats, including HTML, Excel and CSV, and can be accessed at bankofengland.co.uk/mfsd/iadb/NewIntermed.asp.