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	The price of gold is primarily determined by a combination of factors like supply, demand, and investor behaviour. However, current gold prices not only factor immediate supply and demand but also expectations of future supply and demand. According to experts, the less is the information available, the greater will be the price volatility. It is an agreement between market participants to buy and sell gold at a fixed price or to maintain the market conditions to make the price stay at a certain level by controlling the supply and demand.</div>
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	<strong>When are gold prices fixed?</strong></div>
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	Gold prices are fixed at London Bullion Market Association on a daily basis (business day) at 10:30 am and 3pm (London time).</div>
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	<strong>In which currency is gold rate fixed?</strong></div>
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	The gold fix is conducted in the US dollar, the Pound sterling, and the euro.</div>
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	<strong>Who are the current participants in gold price fixing?</strong></div>
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	Barclays, Bank of China, Standard Chartered, Bank of Communications, ScotiaMocatta (Scotiabank), Goldman Sachs, Societe Generale, HSBC Bank USA, Toronto-Dominion Bank, UBS, JPMorgan Chase and Morgan Stanley</div>
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	<strong>The three categories of gold consumers:</strong></div>
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	&mdash; industrial</div>
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	&mdash; jewellery producers</div>
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	&mdash; investors</div>
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	<strong>Types of gold rates</strong></div>
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	<strong>There are 2 types of Gold prices &ndash; spot price, futures price.</strong></div>
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	<strong>Spot:</strong> This is the current market price at which gold was bought or sold for immediate payment and delivery</div>
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	<strong>Futures:</strong> This is the price at which the participants in a futures contract agree to transact on the date of settlement</div>
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	<strong>What are the sources of gold pricing?</strong></div>
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	<strong>Over-the-counter (OTC) markets:</strong> This decentralised market, in which market participants trade stocks, is not listed on an exchange. The market participants trade by phone instead of a physical trading floor. Financial markets act as market makers and offer a bid or ask for a bid.</div>
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	<strong>Bullion traders, banks:</strong> Bullion traders and banks trade large volumes of gold for their clients. They buy and sell gold as part of the trading process which serve as a reliable source of spot pricing for gold.</div>
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	<strong>Futures price is sourced on exchanges.</strong> Gold futures are traded on major exchanges around the world. These exchanges are the primary source of gold futures prices.</div>
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	<strong>What are the major gold exchanges</strong></div>
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	Multi Commodity Exchange (MCX), Mumbai</div>
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	COMEX, New York</div>
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	TOCOM, Japan</div>
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	DGCX, Dubai</div>
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	Shanghai Gold Exchange, China</div>
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	Istanbul Gold Exchange, Istanbul</div>

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Page 16 - Latest Updates on Gold Price

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