As essential components of the commodities market, gold and silver play a significant role in the global financial system. These precious metals are prized not only for their industrial uses, but also for their intrinsic value, their rarity and their historical use as currency. Gold and silver are distinguished from other commodities by their status as 'safe havens', making them attractive to investors as stores of value, particularly during periods of economic uncertainty, currency inflation or geopolitical turmoil. This precious metals market is influenced by a variety of factors, including the monetary policies of central banks, inflation, interest rates, geopolitical stability and industrial demand. Gold and silver contracts are generally quoted in ounces on the financial markets. Historically, the fixing of gold was carried out in London. This process was carried out twice a day by representatives of major international banks who met to set the price of gold. Today, this process has been modernised and is carried out electronically. Similarly, the fixing of silver was also carried out in London. However, since 2014, this process has been replaced by an electronic mechanism managed by a combination of banks and regulatory entities. During the fixing, participants offer buy and sell prices based on global demand and supply. The price is adjusted until supply and demand are balanced, and the price is 'fixed'.