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. The LBMA also publish monthly clearing statistics.
- The LBMA Gold price auction takes place twice daily by ICE Benchmark Administration (IBA) at 10:30 and 15:00 with the price
set in US dollars per fine troy ounce. Under new licencing arrangements introduced by IBA on 1 October the price is displayed on the LBMA's
website with a 30 minute delay. Prices are also available in a further sixteen currencies (Australian Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht and Turkish Lira) but these are indicative prices for settlement only. The LBMA publish the prices in US Dollars, Sterling and Euros, for the other currencies please refer to IBA's website here.
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- 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 and is displayed on the LBMA's website with a 15 minute delay. Sterling and Euro prices are available but they are indicative prices for settlement only.
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- The LBMA Platinum and Palladium prices are set twice daily (at 09:45 and 14:00) in US dollars per .9995 fine ounces and are
independently administered by the LME. The prices are displayed on the LBMA's website with a delay until midnight. Sterling and Euro prices are available but they are indicative prices for settlement only.
- Gold Forward Offered Rate. This dataset was discontinued with effect from 30 January, 2015.
- 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.
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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 BST) in US dollars. Prices are also available in another eleven currencies (Australian Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Singapore Dollars, South African Rand and Swiss Francs) 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.
The direct participants who have been accredited to contribute to the LBMA Gold Price are: Bank of China, Bank of Communications, China Construction Bank*, Goldman Sachs International, HSBC Bank USA NA, Industrial and Commercial Bank of China(ICBC), INTL FCStone, JP Morgan, Jane Street Global Trading LLC, Morgan Stanley, Societe Generale*, Standard Chartered*, The Bank of Nova Scotia - ScotiaMocatta, The Toronto Dominion Bank and UBS* (*Date of participation in the cleared auction to be determined). 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.
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 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 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.