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Overview - Gold and Silver Prices
The guiding principle behind the LBMA Precious Metals Prices is that all business, whether for large or small amounts, is conducted solely on the basis of a single published price. Orders can be changed throughout the proceedings, as the price moves higher or lower, until such time as buyers' and sellers' orders are matched and the price is in equilibrium. Clients around the world wanting to buy or sell may all do so at this price. These fully transparent benchmarks are globally accepted as the basis for pricing a variety of transactions, including many financial instruments. They may also be used as a basis for cash-settled swap and option transactions.
LBMA Gold price
The LBMA Gold Price was launched on 20 March 2015. The price is set twice daily (at 10:30 and 15:00 London GMT) in US dollars. Sterling and Euro prices are available but these are indicative prices for settlement only. Market participants should ensure that the change in name (LBMA Gold Price)is reflected in their own contracts and agreements as well as those with clients and counterparties.
Thirteen price participants have been accredited to contribute to the LBMA Gold Price: Bank of China, Bank of Communications, China Construction Bank, Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank, JP Morgan, Morgan Stanley, Societe Generale, Standard Chartered, The Bank of Nova Scotia - ScotiaMocatta, The Toronto Dominion Bank and UBS. The LBMA Gold Price is operated and administered by an independent third party provider, ICE Benchmark Administration (IBA), who were selected following consultation with market participants. This consensus was reached during the LBMA's market consultation, which involved two market surveys, a seminar and meetings with market participants, solution providers and the regulator. 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.
Please refer to the LBMA Gold Price section for further information together with a set of Frequently Asked Questions.
On the 1st October, 2015 ICE Benchmark Administration introduced a new commercial model for the LBMA Gold Price. A Usage Licence is required by any party that uses the LBMA Gold Price in valuation and pricing activities. For more information on the LBMA Gold Price please refer to the ICE Licensing arrangements.
LBMA Silver price
CME Group provide the electronic auction platform on which the price is calculated and Thomson Reuters are responsible for administration and governance of the LBMA Silver price. The price continues to be set each business day at 12:00 (London time) in US dollars. Sterling and Euro prices are available but these are indicative prices for settlement only. The prices are currently published on the LBMA's website with a 15 minute delay.
This new process for establishing the new LBMA Silver Price will maintain continuity with the earlier silver fixing process for market participants while also increasing transparency via an electronic platform for the auction. It continues to be London-based and offers a fully IOSCO-compliant solution to the London bullion marketplace. The earlier benchmarking process has been followed in order to minimize any possible disruptions and enable a seamless transition for the market. Further details on licensing arrangements for the LBMA Silver Price are available on Thomson Reuters website.
Seven price participants have been accredited to contribute to the LBMA Silver Price: China Construction Bank, HSBC Bank USA NA, JPMorgan Chase Bank, Mitsui & Co Precious Metals Inc, Morgan Stanley, The Bank of Nova Scotia - ScotiaMocatta, The Toronto Dominion Bank and UBS AG.
The LBMA Silver Price is determined via an electronic auction based solution which is based on transactions and is auditable. The LBMA Silver Price is set in a series of auction rounds with each round lasting 30 seconds. The auction begins at 12:00 and participants input their buy volume and sell volume orders in lakhs (100,000 ounces) or quarter lakhs (25,000 ounces). The initial price at the start of the process is likely to be close to the spot price. In the first round the system algorithm will attempt to match buy and sell orders within the permitted tolerance level of 300,000 ounces (or 3 lakhs). If the buy and sell orders are out of tolerance, the auction price will change and the auction will restart. The process will continue until the buy and sell volumes are in tolerance and the equilibrium price is set.
Please refer to the LBMA Silver Price section for further information together with a set of Frequently Asked Questions.
LBMA Platinum and Palladium Prices
Since the 1st December, 2014 the LBMA Platinum & Palladium Prices have been independently administered by the London Metal Exchange (LME). These new benchmarks replace the PGM Fixes, historically administrated by the London Platinum and Palladium Fixing Company Limited (LPPFCL). This followed an approach from the LPPFCL to the LBMA to take ownership of the historic and future intellectual property (primarily price data) of what is now referred to as The LBMA Platinum Price and the LBMA Palladium Prices. The prices continue to be set twice daily at 09:45 and 14:00 (London GMT) in US dollars. Sterling and Euro prices are available but these are indicative prices for settlement only. From 13 July, 2015 the prices will be displayed on the LBMA's website with a delay of midnight following the setting of the prices each day. A data licence is required by any party that uses the LBMA Platinum and Palladium Prices. For information relating to data licencing arrangements please refer 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 will be held by 'Precious Metals Prices Limited', a newly established subsidiary company of the LBMA.
Gold Forward Offered Rate (GOFO)
The Gold Forward Offered Rate was discontinued with effect from 30 January 2015, following consultation with the LBMA Market Makers. It was an international benchmark rate at which dealers would lend gold on a swap basis against US dollars, providing the foundation for the pricing of gold swaps, forwards and leases.
The LBMA publishes monthly clearing statistics. The figures are net amounts of gold and silver cleared by the LBMA from the five members offering clearing services, which form a company called London Precious Metals Clearing Limited (LPMCL).
Three measures are taken separately for each metal:
- Volume - the amount of metal transferred on average each day measured in millions of troy ounces.
- Value - the value measured in USD, using the monthly average London pm fixing price for gold and the average London fixing price for silver.
- Number of transfers - the average number recorded each day.
Excluded are allocated and unallocated balance transfers where the sole purpose is for overnight credit and physical movements arranged by clearers in locations other than London. Fior further information refer to the latest Clearing Statistics.