The value of gold is determined in ?
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Answer. It is designed to fix a price for settling contracts between members of the London bullion market, but the gold fixing informally provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets.
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Pricing for this precious commodity is determined by supply and demand, and the market price for gold is officially fixed each day using a surprisingly simple system. Gold's official market price is an important tool for everyone involved in the gold industry, from miners to bankers to pawn shops.
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