Gold prices are set every day on the London Gold Fixing – a traditional ceremony which gold market-maker banks take part in. Object of the trade is good-deliver bullions – bullions of standardized size and quality.
- The weight of the bullion should be 250-400 troy ounces
- Minimum acceptable fineness is 995.0 parts per 1,000 parts fine gold.
- A bullion should be flawless and have even surface.
- The bars should have a stamp of the producer* with weight in multiples of 0.025 oz rounded down to the nearest multiple.
Gold and silver
- Eternal values
- Low spreads
- A chance to hedge your currency assets
- Haven in times of financial storms
- Short-term speculation
- Long-term investment
Spot-metals trading rules
The minimum amount of contract is 100 ounce for Gold and 5000 ounce for Silver. Quotes for Gold and Silver are shown in USD and Euro. You can see it from the name of the contracts.
- Nowadays prices for Gold and Silver are quoted in USD and Euro.
- The leverage varies from 1:1 to 1:1000.
You can open both long (buy) and short (sell) positions. But remember that if you roll over your position to the following day the swap/rollover is charged. Swap varies depending on the asset and trader’s position (long or short)
How much does the troy ounce weigh
Although gold trading is conducted in troy ounces, central banks usually use tons in their reports, 1oz tr =0.03 kg