State Economic Council
Gold Prices in London 1950-2008 (Monthly)
Monthly gold prices (USD) in London from Bundesbank.
General: 1 ounce of fine gold = 31.1034768g.
Method of calculation:
- Since 1 April 1968, calculated from the daily morning fixing;
- From January 1950 to 21 March 1954, calculated using the Bank of England's gold purchasing price (1 ounce of fine = pound 12.40) in connection with the average exchange rate for the pound in New York (up to the end of 1952; source: Federal Reserve Bulletin) and, from January 1953, midpoint exchange rates for the US dollar in London (source: Financial Times (FT)).
- From 22 March 1954 to December 1959, calculated using the fixing price for gold bars of approx. 12 1/2 kg and 995/1000 fineness and over (so-called standard bars) according to data from Metallgesellschaft AG, Frankfurt am Main, in connection with the average midpoint exchange rates for the US dollar in London (source: FT).
- From January 1960 to 14 March 1968, average fixing price for standard bars as specified in the Bank of England's Quarterly Bulletin.
- On 15 March 1968, fixing price suspended. Gold market split into an official (reserved for central banks) and a free market as a result of the Washington Communique of 17 March 1968. Gold trading suspended from 18 to 29 March 1968.
- Sources for daily prices: April 1968 - March 1974: FT; April 1974 - December 1980: Samuel Montagu & Co. Ltd.; January 1981 - December 2005: FT; January 2006 - present: Reuters.
- Comment on 1968-03: Average from 1 to 14 March 1968.
License: PDDL (Source indicates no restrictions on data).
|Publisher||State Economic Council|
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