Just like the spot price released by other sources (like Reuters or Bloomberg) it represents the common of many wholesale quotes, and – crucially – it signifies the standard of those quotes' mid-points. The price is determined on United kingdom Operating weekdays at 3pm London time for gold (midday https://financefeeds.com/xrp-price-rally-on-sec-developments-analysts-see-potential-upside-as-yeti-ouro-gains-investor-attention/