The price for gold is determined by auction between the major bullion banks, beginning at 3pm London time on UK working weekdays. Similar auctions beginning at 12pm and 2pm London time determine the prices for silver and platinum. These prices are published on the London Bullion Market Association website at midnight. These London Prices are recognized globally as the benchmarks for valuing gold, silver and platinum.
Ordering at the Daily Price is an easy way to buy and sell. Tell us how much you want to trade and we'll do the rest for you.
The prices are made public on UK working weekdays at midnight London time. Place your order for gold by 2:35pm (11:45am for silver, 1:45pm for platinum).
Your order will be processed shortly after the prices are determined, using a provisional, estimated price. It will then be adjusted to the published price on the following working day. We charge 0.5% for buying or selling gold, silver or platinum at the Daily Price. There is an additional 0.3% currency-switching fee for orders placed in British Pounds, Euros or Japanese Yen. To avoid the currency-switching fee fund your account in US Dollars or trade on the live order board. Standard fees apply for storage and insurance.
On BullionVault you buy bullion in whole grams. When your buy order is executed, you will likely have some cash left over that is less than the cost of a single gram. This left-over money will be returned to your available balance.
No price is published on Saturday and Sunday, or on UK public holidays. Open orders are only executed on days when an appropriate price has been published.
The actual bullion and cash normally takes two working days to settle to your account. For a purchase, your funds stay in your account and are reserved until the bullion is settled. Likewise for a sale, the bullion you are selling is reserved in your account until you receive the cash, typically after two working days.
Even though an order at the Daily Price does not settle for two days, the bullion and cash pending settlement will be visible on your Account Balance screen and will contribute to your overall total valuation.
Because of lower demand for bullion in the New York vault, we do not offer the option to buy or sell at the Daily Price in New York.
Because the London Bullion Market Association does not publish a price in Japanese Yen, we do not offer the option to buy or sell at the Daily price in Yen.
The Daily Price is published in troy ounces in US Dollars, Euros and British Pounds (1 troy oz = 0.0311034768 kg). On BullionVault you place orders in kilograms. We convert the as-published price to a per-kg amount and round up to the nearest Dollar, Euro and Pound. We generate a price in Japanese Yen using the US Dollar price and the Dollar-Yen exchange rate at the time. We use the same price per kg for buying and for selling with no spread.
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