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On Friday, March 20th, the world gold market underwent dramatic changes. For the first time in ninety-six years, after the end of the First World War, a system of fixing prices for precious metal changed.
Prior to this, the price of gold in the world was determined by the so-called gold fixing – the method of daily determination of the value of the metal, applied by the London Interbank Gold Market. Gold price, established by the British, was actually a world price and used as a guideline when compiling the vast the number of contracts for the supply of yellow precious metals.
London fixing on gold was carried out twice a day: in half past ten in the morning and three days local time. IN The Central Bank of the Russian Federation in the same way as in other banks of the planet, each working day calculated accounting prices for gold, focusing on the values of London fixing and recalculating the cost of metal in rubles according to the official rate dollar.
However, the growth of the global economy and a decline in Western influence on her led to criticism of London fixing, as a result of what bankers now had to switch to a new system of gold pricing. It is a carefully designed auction with maximum transparency and a huge amount participants. From now on, this will not allow anyone to have a monopoly on setting the world value of gold and reducing it to a minimum the possibilities of fraud in this area.
According to exchange analysts, now the system of daily fixing the value of precious metal will reflect the actual trading results in the global market. In addition, it is reported that Now China will play a significant role in gold pricing. whose economy has grown rapidly in recent years. And now another threat to the dollar portends the ruble, secured by gold.
Economy
