Precious metals fixing: gold, silver, platinum and palladium

What the FT Mercati precious metals fixings are

FT Mercati sets its own reference prices for gold, silver, platinum and palladium every day, at the same times as the LBMA price auctions are held in London. The method is public: each fixing is the mean of two spot prices sampled 30 and 60 seconds after the start time of the London auction. Values are expressed in US dollars, euros and pounds sterling per troy ounce and, from these, per gram and per kilo.

They are independent indexes, calculated by FT Mercati from market prices: they are not the LBMA prices, which are benchmarks administered by ICE Benchmark Administration and usable only under licence. For this reason the FT Mercati fixings can be used freely by our subscribers as a reference in price lists and contracts. The Milan Indexes for silver are calculated from the FT Mercati silver fixing.

Fixing times

The fixings follow the calendar of the London auctions: two a day for gold, platinum and palladium, one for silver. Italian time is always one hour ahead of London, including during daylight saving time.

The fixings are calculated from Monday to Friday, including on UK public holidays when no auction is held in London, because the spot markets remain open. They are not calculated on 25 and 26 December or on Easter Monday.

How the fixing is calculated

At the time of the London auction the FT Mercati system samples the spot price of the metal twice, after 30 and 60 seconds, and calculates the arithmetic mean. Two readings within the first minute capture the price while the market is settling on the auction and dilute the weight of any single anomalous trade. Silver has a single fixing, as in London; gold, platinum and palladium have two, in the morning and in the afternoon, and palladium follows the platinum times.

The fixing is calculated in US dollars per troy ounce; the values in euros and pounds sterling are converted at the spot exchange rate sampled 60 seconds after the start of the auction. The value per troy ounce is published to two decimal places; the values per gram and per kilo to three. A troy ounce is equal to 31.1035 grams: the price per gram is the price per ounce divided by 31.1035, and the price per kilo is the price per ounce multiplied by 32.1507. The precious metals fixing guide explains the method in detail.

How the fixings are used

The fixing is a single, recognisable and verifiable price: it is used to value lots and stocks, to set price lists and to write contracts with a clear reference clause, for example the FT Mercati afternoon gold fixing on the day of delivery. For jewellery and silverware the price that matters most is the euro price per gram; for the wholesale trade the price per kilo; for international markets the dollar price per ounce.

The fixing is not the buying or selling price of an object: that is reached by applying the fineness of the metal (for example 750 gold or 925 silver), the premiums or discounts of the physical market and processing costs.

Precious metals fixing: frequently asked questions

What is today's gold fixing?

Today's gold fixing is calculated at 11:30 and 16:00 Italian time and is available to FT Mercati subscribers as soon as it is set. On this page you will find the previous session's fixings: on October 23, 2026 the gold AM fixing was 115.665 euros per gram (4,027.39 dollars per ounce) and the PM fixing 115.378 euros per gram (4,019.16 dollars per ounce).

At what time are the precious metals fixings set?

At the times of the London auctions: gold at 10:30 and 15:00, silver at 12:00, platinum and palladium at 09:45 and 14:00, London time. In Italy that is one hour later: 11:30 and 16:00 for gold, 13:00 for silver, 10:45 and 15:00 for platinum and palladium.

What is the difference between the FT Mercati fixings and the LBMA prices?

The LBMA prices (LBMA Gold Price, LBMA Silver Price, LBMA Platinum Price and LBMA Palladium Price) come from electronic auctions administered by ICE Benchmark Administration, with successive rounds until supply and demand balance, and can be used only under licence. The FT Mercati fixings are calculated independently from market spot prices in the first minute of the auction, with a public method, and are the reference of the FT Mercati service.

Why does silver have only one fixing?

Because in London silver has only one auction a day, at 12:00, whereas gold, platinum and palladium have two. FT Mercati follows the same calendar: one fixing for silver, two for the other three metals.

How do you convert the price per ounce into the price per gram?

Divide by 31.1035, the grams in a troy ounce, which is not the common ounce of 28.35 grams. For the price per kilo, multiply the price per ounce by 32.1507. For the value of the fine metal contained in an object, then multiply by the fineness: a piece of 750 gold jewellery contains 75% gold.

Are the fixings calculated even when London is closed?

Yes. The FT Mercati fixings are calculated from Monday to Friday, including on UK public holidays, because the spot markets remain open. The only days they are not calculated are 25 and 26 December and Easter Monday.