LBMA Precious Metal Prices - Summary
The main features relating to each of the LBMA precious metals prices are summarised below.
LBMA Gold Price
The price is set twice daily (at 10:30 and 15:00 London BST) in US dollars. Sterling and Euro prices are available but these are indicative prices for settlement only.
The LBMA Gold Price is operated and administered by an independent third party provider, ICE Benchmark Administration (IBA). IBA, an independent specialist benchmark administrator, provide the price platform, methodology as well as the overall administration and governance for the LBMA Gold Price. The IBA platform is electronic, auction-based, tradeable, auditable and fully IOSCO-compliant solution for the London bullion marketplace.
A Usage Licence is required by any party that uses it for valuation and pricing activities. For more information please refer to the ICE Licensing arrangements.
A set of Frequently Asked Questions can also be found here. Frequently Asked Questions.
LBMA Silver Price
The price is set daily at 12:00 (London BST time) in US dollars. Sterling and Euro prices are available but these are indicative prices for settlement only. IBA independently administer the price and provide the electronic auction platform on which the price is calculated. The LBMA own the intellectual property rights.
The auction provides transparency via an electronic platform for the auction and offers a fully IOSCO-compliant solution to the London bullion marketplace. Participants with a Reuters terminal can view the live auction by quoting the RIC 0#LDNXAG. Further details on licensing arrangements for The LBMA Silver Price are available on IBA's website.
Nine price participants have been accredited to contribute to the LBMA Silver Price: Goldmans Sachs International plc, HSBC Bank USA NA, INTL FC Stone, Jane Street Global Trading LLC, JP Morgan Chase Bank N.A London Branch, Koch Supply and Trading LP, Morgan Stanley, The Bank of Nova Scotia - ScotiaMocatta and The Toronto Dominion Bank.
For more information including detailed Q&A LBMA Silver Price.
LBMA Platinum and Palladium Prices
The price is independently administered by the London Metal Exchange (LME).
The auction process is fully compliant with IOSCO Principles for Financial Benchmarks. The prices are set twice daily at 09:45 and 14:00 (London BST) in US dollars per .9995 fine ounces. Sterling and Euro prices are available but these are indicative prices for settlement only. For further information on the price discovery process and adminstration of these prices please refer to the LME's website.
Five price participants have been accredited to contribute to both prices; BASF Metals Ltd, Goldman Sachs International, HSBC Bank USA NA, Johnson Matthey plc and Standard Bank plc.
The intellectual property for both prices is held by 'Precious Metals Prices Limited', a newly established subsidiary company of the LBMA. Same-day LBMA Platinum an Palladium prices can be accessed through market data vendors listed on the LME's website. Since 13 July, 2015 the prices on the LBMA's website are displayed with a delay until midnight following the setting of the prices each day. For information on licensing arrangements relating to these prices, please refer to the LME's website.
The LME licences its data for a wide variety of purposes, including distribution and the creation of derived products. Effective from 4 April, 2016, a Usage Licence is now required for firms who use the LBMA Platinum and Palladium prices or trademark, other than for limited internal business use, for valuation and/or pricing activities, or as a reference in transactions. For more information and for Frequently Asked Questions please refer to the LME's website.
Gold Forward Offered Rates (GOFO)
The Gold Forward Offered Rate (GOFO) dataset was discontinued with effect from the 30 January, 2015 and is no longer published by the LBMA.