Did you know that the consumer must be informed, even if he does not request it, of the daily quotation of precious metals?
In the sale of precious metal articles, the economic operator must make available to the final consumer the daily price of precious metals. The consumer will thus be able to have updated and important information to make his purchase.
The daily quotation must be made available through a connection to Banco de Portugal. This entity updates the information taking into account the quotation determined by the London Buillion Market Association (LBMA).
The price of precious metals is adjusted daily at 10:30 GMT (London AM Fix Gold) and also at 15:00 GMT (London Gold PM Fix) in London, where the majority of the world’s gold trade takes place.
The value is presented in € / troy ounce (1 troy ounce = 31.10 grams).
To calculate the price of the metal, follow these steps:
- See here the price of precious metals
- Enter the daily quotation value in the table, in the Metal quotation field
- Enter the value you want to calculate in grams
LBMA exchange rate in euros: 1437,940
Metal Quotation: 1437,940 and Grams: 20