How exactly is gold priced?

Mainly, the price of gold is determined on the open market. However, there is what's called a Gold Fixing [ADD_LINK] which provides the industry with a daily benchmark figure of how to price gold. All in all, gold price valuing tends to fluctuate quite heavily over time. Take for example the high price on the 21st of January 1980 stated at $850 per troy ounce [ADD_LINK] and compare it with the very low price on the 21st of June 1999 that was only $252.90 per troy ounce and you'll see there's quite a big difference. However, the record value of gold ever to be set recently took place on March 17, 2008, and stood at a staggering $865.35 per troy ounce.

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