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On 21 January 1980 the gold fixing reached the price of $850, a figure not surpassed until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing. However, when indexed for inflation, the 1980 high corresponds to a price of $2,305.18 in 2011 dollars, [ 3 ] thus the 1980 record still holds in real terms .
The UK government's intention to sell gold and reinvest the proceeds in foreign currency deposits, including euros, was announced on 7 May 1999, when the price of gold stood at US$282.40 per ounce [9] (cf. the price in 1980: $850/oz [10]) The official stated reason for this sale was to diversify the assets of the UK's reserves away from gold, which was deemed to be too volatile.
The United States provided 50% of the required gold supply for sale. The price controls were successful for six years until the system became unworkable. The pegged price of gold was too low, and after runs on gold, the British pound, and the US dollar occurred, France decided to withdraw from the pool. The London Gold Pool collapsed in March 1968.
The gold reserve of the United Kingdom is the amount of gold kept by Bank of England as a store of value of part of the United Kingdom's wealth. Leftover from the Gold Standard which the country abandoned in 1931, it is the 17th largest central bank reserve in the world with 310.29 tonnes of gold bars .
According to this data, amount of gold and silver physically held in London vaults is currently more than 7,700 tonnes of gold and 33,700 tonnes of silver. [6] The gold alone is valued in excess of $330 billion, more than the reported value of the metal held in Fort Knox, Kentucky and second only to the entire holdings of the US Government. [7]
Twice daily, at 10:30 AM and 3:00 PM (local time). the LBMA publishes the gold price in US dollars. [1] These forward contracts are known as gold futures contracts. Spot gold is traded for settlement two business days following the trade date, with a business day defined as a day when both the New York and London markets are open for business.
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.
Gold prices (US$ per troy ounce), in nominal US$ and inflation adjusted US$ from 1914 onward. Price of gold 1915–2022 Gold price history in 1960–2014 Gold price per gram between Jan 1971 and Jan 2012. The graph shows nominal price in US dollars, the price in 1971 and 2011 US dollars.
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