Question

The value of GOLD is determined in which country - London, France, Rome.

Answer 1

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.

Answer 2

Answer:

The value of Gold is determined in London. In London, UK, gold's worth is decided. The LBMA Gold Price in US dollars is published twice daily by the ICE Benchmark Administration (IBA).

• Global gold producers, investors, buyers, and central banks use this as a benchmark price. Although it is intended to set a price for contracts between participants in the London bullion market, the gold fixing also serves as an unofficial benchmark for pricing the bulk of gold goods and derivatives on international markets.
• The value of gold is essentially a social construct; we all agree that it has been and will continue to be valuable. Gold is viewed as a desirable commodity due to its metallic and shiny properties, relative rarity, and difficulty of extraction.

Thus the correct answer is Option A.

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