Gold Rate or the daily closing London price for one troy ounce of pure (.99999) gold is set each afternoon through consensus of five members of the London Bullion Market Association. The gold rate established at the close of the London Bullion Market is the benchmark price per troy ounce of fine gold which GoldFellow® uses in determining its prices for scrap gold.
Using the London closing price to establish the day’s gold rate for pricing purposes is fair and transparent as it is the only verifiable gold price. Spot prices – or buy and sell gold prices – change minute to minute as gold is traded in world commodities markets. Using a fixed gold rate and holding that price all day regardless of changes in the spot price assures GoldFellow®’s customers they are receiving a fair price for their gold.
Gold sellers are advised to know the gold rate before selling their scrap gold to assure they are being paid a fair price on the date of sale. There are several websites like www.kitco.com which post the London Afternoon Gold fix as well as spot gold prices twenty-four hours a day. The published London Afternoon Gold Fix for one troy ounce of new .9999 pure gold is one of several variables used by GoldFellow® in calculating the scrap prices paid for the various karats of gold. In addition to the gold rate on the date of sale, GoldFellow® considers the purity of the karats of gold and total weight of all the gold being sold in determining price. GoldFellow® posts the prices it pays each day as well as the daily gold rate or London P.M. Fix every day on its website.