The Gold Forward Offered Rates or GOFO for short, was discontinued with effect from 30 January, 2015, following discussions between the LBMA and the contributors to the dataset, the LBMA Forward Market Makers. They represented the rates at which contributors were prepared to lend gold to each other on a swap basis against US dollars.

LBMA Forward Market Makers had contributed to GOFO since 17 July 1989 by submitting each business day their forward quotes for gold for maturities or tenors of one, two, three, six and twelve months. Both bid and offer prices were submitted at, or soon after 10:30 am up until 10:45 am. The quoted spreads were made in line with current market conditions.

The prices submitted were dealable by other Forward Market Makers up until 11:00 am. At 11:00am, the mean of the bid rates submitted was calculated for each tenor by discarding the highest and lowest quotations and averaging the remaining rates. The rates provided a benchmark dataset which was used as the basis for some finance and loan agreements as well as for the settlement of of gold Interest Rate Swaps.

End of day LBMA Market Maker Forward Curves

Following discussions with the LBMA Market Makers and the LME, the End-of-Day Gold and Silver Forward curves were discontinued with effect from September 22, 2014. Prior to this, with effect from September 2009, the LBMA Forward Market Makers had collated three data sets which were used for valuing end-of-day positions. This data consisted of the LBMA Gold Forward Curve, the LBMA Silver Forward Curve and the LBMA Gold IRS curve. These data sets provided a complete set of tenors from some of the largest participants in the London Bullion Market to complement GOFO. The data was used as a basis for valuing end-of-day positions. Access to valuation points, including spot, out to: 10 years forward for gold; 3 years forward for silver; 12 months to 10 years forward for Gold IRS.

The LME acted under licence, on behalf of the LBMA, to collate and publish the data once daily at 17:00 UK Time.