If you are thinking of selling the gold jewelry you have lying around the house, you are probably wondering how much money you will receive. While gold does reliably retain value, it can still be difficult to project how much your jewelry will be worth because the price of gold per ounce will vary based on the metal's current market value. For this reason, it is usually a good idea to bring your jewelry to a reputable buyer who can let you know how much money you can expect to receive in exchange for your gold pieces.

Who Determines The Price of Gold?

For the most part, the price of gold is set two times each business day by the London gold fix. This gold fix is performed by five participating banks, which are required to hold London Bullion Market Association memberships. Currently, these are:

• Barclays (United Kingdom)
• Deutsche Bank (Germany)
• Scotia-Mocatta (Canada)
• HSBC (Hong Kong and United Kingdom)
• Societe Generale (France) 

What Is The Process?

The process begins with one participant's proposal of a price that is close to the current value of gold. The participants then conduct simulations using the proposed trading price to determine whether it is viable. If the simulated transactions are successful, the fix is considered complete and the price of gold is set.

Who Uses The London Gold Fix?

Although the fix is associated with England, this valuation of gold is used to benchmark prices in many world markets, including the United States. Gold fixing is performed at 10:30 a.m. and 3:00 p.m. London time each business day, and several national currencies are used: Pound sterling (GBP), the Euro (EUR), and United States dollars (USD). The 3:00 p.m. time was added in 1968, so that there could be a gold fix that coincided with the U.S. market's opening.

The process of determining the current price of gold per ounce can be technical and complicated. Ultimately, lay people who are just looking to sell some of their unwanted gold pieces are probably best off finding an experienced gold buyer who can help them understand what to expect when they sell their old jewelry. Ralph Mueller & Associates has been providing honest appraisals of used gold jewelry for nearly 30 years. The receive the best offer for your gold, call (480) 949-9299 now.