The London Gold Fix was the most widely used gold pricing mechanism from 1919 to 2015.

The London Gold Fix involved dealers from London's five biggest bullion banks establishing a common transaction price for a large pool of purchase and sale orders. They did that twice each business day.

The Gold Fix established the price at which the gross amount of gold on buy orders matched the gross amount of gold on sell orders - across all the participating banks.

The London Bullion Market Association launched the new LBMA Gold Price in March 2015, to replace the London Gold Fix. ICE Benchmark Administration manages the LBMA Gold Price and operates an electronic and tradeable auction process.

The Bank of China joined the LBMA Gold Price auction process in June 2015, becoming the first Chinese bank to participate in the gold fix process.