London is home to the international prices for Gold, Silver, Platinum and Palladium.
The gold, silver, platinum and palladium price auctions take place in London on a daily basis. All of these prices are internationally regarded as the pricing mechanism for a variety of precious metal transactions and products.
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- The LBMA Gold price is set twice daily at 10:30 and 15:00 in an auction independently operated and administered by ICE Benchmark Administration(IBA). The price is set in US dollars per fine troy ounce. Sterling and Euro prices are available but they are indicative prices for settlement only. IBA also publish the price in a range of other currencies. Read more | Disclaimer
- The LBMA Silver price auction is operated by CME and administered by Thomson Reuters. The price is set
daily in US dollars per ounce at 12:00 noon London time. Sterling and Euro prices are available but they are indicative prices for settlement only.
Read more | Disclaimer
- The LBMA Platinum and Palladium prices are set twice daily (at 09:45 and 14:00) in US dollars per .9995
fine ounces in an auction process independently operated and administered by the LME. Sterling and Euro prices are available but they are indicative prices for settlement only.
- Clearing statistics represent the net volume of loco London gold and silver transfers settled between
clearing members of the LBMA. The data is collected and published on a monthly basis and is based on daily averages.
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
IBA operate the auction for the LBMA Gold Price. The platform is an electronic, auction-based, tradeable, auditable and fully IOSCO-compliant solution for the London bullion marketplace.
Please refer to the LBMA Gold Price summary page for further details and information together with a set of Frequently Asked Questions.
Firms that use the LBMA Gold Price in valuation and pricing activities, or that reference the price in exchange traded products, or that offer for trading or clearing contracts that reference the price, or that redistribute the price data to third parties, may need to enter into a licence with IBA. For more information regarding IBA's licensing arrangements please refer to IBA's website or contact IBA's licensing team at email@example.com or +44 (0)20 3540 7200 (UK) / +1 347 252 6465 (US).
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 BST) in US dollars. Sterling and Euro prices are available but these are indicative prices for settlement only.
The auction process provides transparency via an electronic platform for the auction and offers a fully IOSCO-compliant solution to the London bullion marketplace. 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.
Please refer to the LBMA Silver Price section for further information together with a set of Frequently Asked Questions.
LBMA Platinum and Palladium Prices
The Prices are independently administered by the London Metal Exchange(LME. The prices are set twice daily at 09:45 and 14:00 (London BST) in US dollars. Sterling and Euro prices are available but these are indicative prices for settlement only. The prices are 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 are 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.