What does London PM Fix mean?

The London PM Fix is the process by which the price of gold and silver is set in London each afternoon. It is a benchmark used by precious metal traders around the world.

The Fix takes place at 12:00 PM UTC (1:00 PM BST) each weekday at the offices of the London Bullion Market Association (LBMA). Five major bullion banks participate in the Fix: Barclays, HSBC, JPMorgan, ScotiaMocatta, and UBS.

The Fix is conducted in two parts. In the first part, the banks submit their bids and offers for gold and silver. The highest bid and lowest offer are then used to determine the spot price of each metal.

In the second part of the Fix, the banks trade gold and silver among themselves to settle their positions. The resulting prices are the closing prices for gold and silver for that day.

The London PM Fix is a valuable tool for precious metal traders. It provides a transparent and efficient way to set the price of gold and silver, and it is used as a benchmark for precious metal prices around the world.