price of $2,305.18 in 2011 dollars

On 21 January 1980 the gold fixing reached the price of $850, a figure not overtaken until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing. However, when indexed for inflation, the 1980 high corresponds to a price of $2,305.18 in 2011 dollars,^[4] thus the 1980 record still holds in real terms.

The fixing historically took place at the London offices of N M Rothschild & Sons in St Swithin's Lane, but since 5 May 2004 it takes place by a dedicated telephone conferencing system. Until 1968, the price was fixed only once a day, when a second fixing was introduced at 3 p.m. to coincide with the opening of the US markets, as the price of gold was no longer under control of the Bank of England, a result of the collapse of the London Gold Pool.

for $20.67 per ounce

On 12 September 1919 at 11:00 am, the five principal gold bullion traders and refiners of the day (N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins) performed the first London gold fixing, and thus became the original five founding members.^[3] The gold price was determined to be four pounds 18 shillings and ninepence (GBP 4.18s.9d = 4.9375) per troy ounce. The New York gold price was US$19.39. The first few fixings were conducted by telephone until the members started meeting at the Rothschild offices in New Court, St Swithin's Lane.

In 1933, Executive Order 6102 was signed by U.S. President Franklin D. Roosevelt, requiring US citizens to turn in their gold for $20.67 per ounce. Afterwards, the price of gold was set at $35.00 per ounce.

Due to wartime emergencies and government controls, the London gold fixing was suspended between 1939 and 1954, when the London gold market was closed.