The Gold Market In Durham

Gold has been considered throughout all times as a precious metal of high value. It has also become, for many analysts, investors, and experts, a refuge value for times of crisis, and above all, it has been considered an excellent, safe, and future-oriented investment option in times of economic indecision.

Gold is one of the most valuable raw materials in the world and is used to manufacture mobile phone components, jewelry, or even to measure the wealth of a country.

  The gold market is complex, and that is why if we intend to invest in this raw material, it is important to know its background, its functioning, and its value. But at this point, how does the market for this precious metal work? How does its price vary? In what types and form can you acquire this metal? How is its price set?

How is the price of gold set?

To understand the process of setting the price of gold in the market, we will have to go back in time more than a hundred years. It was on September 12, 1919, in London, when the price of gold was officially set for the first time, specifically in the offices of NM Rothschild.

Currently, the process has changed as far as proper names are concerned, but the mechanism followed is practically identical. Exactly 104 years ago, the price of this precious metal depended directly on the Durham Gold Fixing Association, where five major bankers and members fixed the price of the metal up to twice a day and by telephone.

The first price was set at 10:30 in the morning and the second at 5:00 p.m. It was then that its president announced the price according to the market situation, and the members communicated it to their clients.

However, despite the change in organization, the process remains the same, with the price of gold being set in dollars twice a day, at 10:30 a.m. and later at 3:00 p.m., although the market price influences the decision. As with silver, the established price is influenced by mining, economic and political uncertainty, demand from sectors that work directly with the metal, such as jewelry stores, and interest rates.

The gold market figures today

The global gold market trades approximately $200 billion daily, although this figure can be much higher depending on the periods of greatest volume.

Currently, gold is already trading below $2,000 per ounce. During the first half of 2023, gold had risen 10%, skyrocketing at the beginning of May and reaching record figures, close to the $2,067 recorded in March last year.

Now, the forecast for the remainder of the year is that rates will rise again by 25 basis points in July and stop doing so later. However, market expectations evolve in line with the demand for safe-haven assets that vary depending on how the global economy evolves, depending on factors such as inflation, growth, and currency fluctuations.

8 Functions of Gold That You Don’t Know

Although it may seem that the metal gold is only used for the manufacture of jewelry and aspects related to the world of luxury, the truth is that you would be surprised to know how this metal has endless functionalities that many people would never imagine and are unaware of. Complete. This metal is the best on the market, and as you know, it is also traded on many occasions with gold sales and investment actions.

Below, we show you the sectors where gold is used:


Yes, as we told you, the jewelry world is one of the markets that use this precious metal the most. Specifically, about 78% of all world production of this metal goes to jewelry. Although other metals are bursting into this market, the truth is that the king of all is still gold in the manufacture of bracelets, earrings, cufflinks, and watches, among others.


Perhaps you have yet to think about this functionality of gold, but the truth is that a small amount of this metal is used to manufacture the medals, trophies, and cups that are made. Unsurprisingly, the number 1s are always rewarded with this metal, since above silver and bronze, it continues to be the most valued and, therefore, the one that the winners and winners deserve.


Of course, we cannot leave aside the importance that this metal has had for the manufacture of coins since ancient times, even though the largest amounts of money are usually in banknotes. Many coins manufactured throughout history are collected for their beauty and exclusivity. Could you imagine what a gold coin worth 500eur would be like?


Although it may surprise you, the world of technology is another market where the use of gold is important. Many products require this material for their manufacture, mainly mobile phones, televisions, laptops, and music devices, among others. The reason for this use is because it is a great conductor, which is a fundamental aspect in the world of electronics in fixing and establishing cables. This explains how it is a determining element in the entire electrical industry.


You probably haven’t stopped to think about the importance of this metal in your oral appearance. Many dental appliances, crowns, bridges, and implants are made with this material. In addition, it is also used in other aspects of medicine, mainly related to radiology.

Automotive sector

In manufacturing cars and, specifically, airbags, there are gold particles that allow us to know exactly that all devices and safety elements work and are in the correct condition.


Many types of glass are made with gold pigmentation. The fact that this material is used means that the result is much more spectacular than any other metal.

Space sector

The use of gold in this sector is very important. Many of the pieces of the ships and part of the astronauts’ suits are made with small particles of gold, representing great safety concerning radiation levels.

Importance of Silver And What It Is For

Silver is a white, shiny, soft, and malleable chemical element. These characteristics make it essential in many manufacturing processes, as well as in biological functions in living beings, as well as in plants since it is found in nature.

Importance of silver

This element can be found in its basic soft metal form or as a mineral, integrating the formation of sulfides important for strengthening bones in animals and humans.

For plants, their oxygenation is also essential since it is found in a large part of the Earth’s crust, along with other minerals that are responsible for the natural treatment of soils.

Silver contains electrical properties since it originates from metals. However, its potentialities are not as high as other conductors of electricity; its intervention in light currents allows balance and absorption of power that prevents short circuits.

What is it for

In jewelry making, silver has a significant place due to its resistance to factors such as time, and its malleability allows the creation of garments of various structures. The same resistance offers the absorption of chemicals for the use of textures or colors so that these creations can then be marketed.

In medicine, silver is used to manufacture dental prostheses being a low-toxic element for human health, which is why substances capable of removing warts from the skin have been produced.

In its natural metal form, it is also highly sought after for marketing since it is attractive to the eye and used as decoration in homes. It does not corrupt or rust easily; it resists over time, and its bright tone makes it ostentatious.

Features and properties

Silver is part of the chemical series of transition metals.

Of all metals, silver has the highest conductivity, both electrical and thermal. It even has the highest reflectivity value.

Although it is usually found in mineral form, silver can exist in pure form under natural conditions.

It has certain chemical similarities with copper and gold.

In nature, metallic silver tends to interact very little with other elements.

Much of silver production depends on ore extraction of copper, zinc, gold, lead, and nickel.

Most of the silver production goes to the industrial sector. In metallurgy, silver produces alloys with nickel, cobalt, copper, etc. These alloys are used in welding, electrical contacts, electric motors, batteries, and dental pieces.

In electronics, silver and its alloys are vital for making efficient contacts in integrated electrical circuits and electronic components of computer hardware.

In the chemical industry, silver is useful for making stable and resistant equipment and implements. However, this metal stands out as a catalyst in oxidation reactions, such as that between methanol and oxygen, to produce formaldehyde.

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