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Gold Prices in British Pounds
Although gold is typically denominated in dollars, gold may be bought and sold using British Pounds. If you are in the U.K., for example, you will buy gold using the British Pound which is the local currency.
Great Britain has a long history of physical gold use, and demand for the yellow metal in the region remains robust today.
The U.K. recently made history by voting to leave the European Union, and the country’s currency has been under pressure. As the British Pound weakens, it can potentially make gold relatively more expensive.
With its decision to leave the EU, Great Britain could potentially see some growing pains as it looks to break away from the group. Great Britain’s decision could be considered a large blow to the strength of the union, and the EU may continue to face significant challenges in the months and years ahead.
As the U.K. gets ready for a possible “hard Brexit,” demand for gold could potentially increase. Gold is often sought out by investors to hedge against a number of economic and geopolitical issues including declining currency values and inflation. With the British Pound coming under pressure and the potential for further declines in the currency possible in the months and years ahead, gold could potentially see increasing interest from U.K. investors.
It also remains unclear how the U.K. economy may perform as it breaks away from the EU, as the nation will need to renegotiate trade agreements and go through many other significant steps to make a clean break. The subject of Brexit has been the topic of much coverage in the financial media, although global stock markets did not melt down the way that some analysts had anticipated.
Gold Pricing in the U.K.
Gold is typically priced by the ounce, gram or kilo. Great Britain is home to the London gold fix, which has been one of the primary pricing mechanisms for gold bullion for many years. The London gold fix got started in 1919 to facilitate the London gold trade after the First World War. The fix involves gold dealers from London’s five biggest bullion banks and is designed to come up with a common price for large amounts of buy and sell orders. The fix starts with the Chairman of the fix declaring a gold price that is typically very close to the current spot gold price.
The participating banks then aggregate all of the buy and sell limit orders they have, and inform the Chairman of the quantity of gold they would buy or sell at that price. If the net effect of all the participating banks is in balance, then that price will become the daily London gold fix price.
The London gold fix takes place twice a day at 10:30 am and 3pm local London time. The exception to this is on Christmas Eve and New Year’s Eve, when the fix is only performed once in the morning. The London gold fix is usually a fast process, taking 10 or 15 minutes. The price of gold is fixed in U.S. dollars, British Pounds and Euros. The results of the twice daily fix are widely published in financial media including newspapers and online.
Although there are other pricing mechanisms for gold bullion, the London gold fix is one of the most widely followed in the world and has a long history of tradition.
The Royal Mint
Great Britain is home to the Royal Mint. This mint is responsible for striking British coinage, and has been in existence for over 1100 years. In addition to minting U.K. coinage, the Royal Mint also mints coins for other countries and produces various type of medals. The mint is known as the world’s largest exporting mint.
The Royal Mint employs over 900 people and is headquartered in Llantrisant, Wales.
Some of the mint’s more popular coins include the Britannia and the Sovereign. The mint also produces many types of historical and commemorative coins celebrating people like her Majesty the Queen and Sir Winston Churchill as well as significant historical events such as the Great Fire of London and the First World War.