What does London PM Fix mean?

Afternoon fixing price for gold and silver at London.

The London gold and silver fix are widely followed benchmarks for gold and silver prices.

The term 'fix' is used in a nautical sense, as in fixing on a point, which is the price at which the market is balanced. The 'fix' occurs when buy and sell orders of the fixing brokers are matched to bring the market into balance at a certain price, which becomes the 'fixing' price or 'fix' for short.

The London gold fix is set twice each business day. The London AM fix begins at 10am (5am in New York), and the London PM fix begins at 3pm (10am in New York). The London silver fix begins each business day at 12pm (7am in New York).

The London PM fix is widely followed to provide daily gold price quotes and is reported in major newspapers and at many gold-related websites.

A history of London fixing prices can be found on the London Bullion Market Association website.

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