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The best place to find the current price of gold in the UK

Gold and gold prices are coming more and more into the public awareness as a result of the global recession. We’ve all seen the high street shops offering to trade gold jewellery and ornaments for cash, along with the various advertisements on TV and on the radio. While most of us will be tempted to convert some of our unwanted possessions into hard currency, how can we be sure that we are getting a good deal for our valuables? One way is to make sure that you are up-to-date with the current price of gold in the UK, before agreeing to any trade or sale.

In London, the price of gold is set twice daily, at 10.30am and 3pm. The price itself is determined by the London Gold Fixing, a specialist board comprised of representatives from five major banks. The gold price is set so as to be acceptable to holders of gold who are wishing to sell, while also being attractive to purchasers. The current gold prices can be found at goldfixing.com, where both morning and afternoon fixings are displayed.

The current price of gold in the UK is published in units known as Troy Ounces. This is an archaic unit which corresponds to 31.1 grams. Therefore if you wish to know the price in grams you must divide the price in Troy Ounces by 31.1 grams. This figure is the price for a single gram of pure 24 carat gold. In order to determine the price for gold of lower carats, you must divide the carat value by 24, and then multiply it by the price in grams.

 

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