LBMA Gold Price FAQs

Prices and Data # LBMA **Gold Price FAQs** ICE Benchmark Administration (IBA) operates the LBMA Gold Price. **Background** IBA independently administers the price and provides the auction platform on which the LBMA Gold Price is calculated, while LBMA own the intellectual property rights. The platform is electronic, tradeable, auditable and in line with the IOSCO Principles for Financial Benchmarks. Any party using the LBMA Gold Price for valuation and pricing activities requires a usage licence with IBA. For more information regarding IBA's licensing arrangements please refer to [IBA's website](http://www.theice.com/iba/licensing) or contact IBA's licensing team at [\[email protected\]](/cdn-cgi/l/email-protection#93faf1f2befffaf0f6fde0fafdf4d3e7fbf6faf0f6bdf0fcfe) or +44 (0)20 3540 7200 (UK) / +1 347 252 6465 (US). A set of Frequently Asked Questions (FAQs) is set out below. IBA have also prepared a set of [FAQs which are available here](https://www.theice.com/publicdocs/IBA_LBMA_Gold_Price_Licensing_FAQ.pdf). ## Frequently asked questions: ### What are the main features of the new process? IBA host an electronic auction process for the LBMA Gold Price. The auction process is independently administrated, tradeable, electronic and physically settled, conducted in dollars, with aggregated and anonymous bids and offers as well as being published on-screen and in real-time. ### Is the LBMA Gold Price still set twice daily? Yes, the price continues to be set twice daily (at 10:30 and 15:00 UK time) in US dollars. 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. To view these prices please refer to IBA's website. IBA provides the price platform, methodology as well as the overall administration and governance for the LBMA Gold Price. The IBA's platform provides an electronic, auction-based, tradeable, auditable and fully IOSCO-compliant solution for the London bullion market. For further information contact the LBMA at [\[email protected\]](/cdn-cgi/l/email-protection#5031233b103c323d317e3f22377e253b) or the IBA at [\[email protected\]](/cdn-cgi/l/email-protection#9af3f8fbdaeef2fff3f9ffb4f9f5f7). ### Where can I source the LBMA Gold Price? The LBMA Gold Price is available on the LBMA website with a delay to midnight on the day of the auction. In addition the data is available from a wide range of Data Vendors and Redistributors which are listed in the spreadsheet which you can [download here](https://cdn.lbma.org.uk/pages/IBA_Quote_Vendor_Codes.xlsx). The live auction can be viewed on Reuters using the codes 0\#XAUFIXAM for the am auction and 0\#XAUFIXPM for the pm auction and on Bloomberg using the ticker GOAULNAM for the AM auction and GOAULNPM for the PM auction (these tickers can also be accessed by running the {LBMA} page on Bloomberg). The prices can also be accessed via other Data Vendors such as Fastmarkets (where in the absence of vendor codes you should click on "LBMA Gold Price"). ### How does the auction process work? The chairperson sets the starting price and the price for each round in line with current market conditions and the activity in the auction. Participants then enter their buy and sell orders by volume (i.e. number of ounces). The price discovery process is in US Dollars but participants may, if they wish, request to settle in different currencies. If the net volume of all participants fall within the pre-determined tolerance at the end of a round (i.e. the imbalance is set at 10,000 oz.), the auction will be complete, with all volume tradeable at that price. Netting of orders is processed automatically for participants with all house and client orders, plus any share of the imbalance, contributing to their final net volume. This net volume is then matched against other participants to produce trades with immediate trade confirmations.

### What is the imbalance? An auction can conclude with up to a 10,000 ounce difference between the entered buying and selling interest. This is referred to as the imbalance. ### How is the imbalance settled? To ensure fairness this imbalance is shared out among the direct participants equally, irrespective of whether they entered interest into the auction or not. This is to ensure continuity of the existing process as well as certainty of the imbalance for direct participants. ### How can I become a participant? The auction is designed to be transparent and allow as many participants as possible. Please contact IBA for more information on becoming a participant: [\[email protected\]](/cdn-cgi/l/email-protection#1d747f7c5d697578747e78337e7270) or Tel IBA on +44 20 7429 7100. ### What information is available at the end of the auction process? At the end of the auction process, IBA will publish the benchmark price. IBA will also publish a Transparency Report showing for each round: the price in USD; the aggregated bid and offer volume; the number of participants; and the timings for each round. The benchmark price is additionally published in Australian Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Singapore Dollars,South African Rand and Swiss Francs. ### What information is available during the auction process through redistributors? The major market data redistributors will display: At the start of each round – the price that is being tried for that round of the auction At the end of each round of the auction – the aggregated bid and offer volume at the end of that round. ### How should the price be referenced in documentation? The official registered name of the benchmark is “LBMA Gold Price”. From the close of business on March 19, 2015 the London Gold Fix will cease. Any documentation which refers to London Gold Fix or similar should be updated to reference the “LBMA Gold Price” from March 20, 2015. Documentation that specifically refers to the LBMA Gold Price published at 10:30am London time should be updated to refer to “LBMA Gold Price AM”. Documentation that specifically refers to the LBMA Gold Price published at 3:00pm London time should be updated to refer to “LBMA Gold Price PM”. ISDA have made amendments to their definitions as follows: "GOLD–LBMA PRICE-AM" means that the price for a Pricing Date will be that day’s morning London Gold price per troy ounce of Gold for delivery in London through a member of the LBMA authorized to effect such delivery, stated in U.S. Dollars, as calculated and administered by independent service provider(s), pursuant to an agreement with the LBMA, and published by the LBMA on its website that displays prices effective on that Pricing Date. "GOLD–LBMA PRICE-PM" means that the price for a Pricing Date will be that day’s afternoon London Gold price per troy ounce of Gold for delivery in London through a member of the LBMA authorized to effect such delivery, stated in U.S. Dollars, as calculated and administered by independent service provider(s), pursuant to an agreement with the LBMA, and published by the LBMA on its website that displays prices effective on that Pricing Date. ### Do I need to license with ICE Benchmark Administration to use or redistribute the LBMA Gold Price? 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 [\[email protected\]](/cdn-cgi/l/email-protection#b9d0dbd894d5d0dadcd7cad0d7def9cdd1dcd0dadc97dad6d4) or +44 (0)20 3540 7200 (UK) / +1 347 252 6465 (US) ### Is the LBMA Gold Price a regulated benchmark?

From 1 April 2015 the LBMA Gold Price became a regulated benchmark, as it is a specified benchmark’ for the purposes of Art 63O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. [](https://www.lbma.org.uk/prices-and-data/lbma-precious-metal-prices) ### LBMA Precious Metal Prices International prices for gold, silver, platinum and palladium. Find out more [](https://www.lbma.org.uk/prices-and-data/about-lbma-daily-auction-prices) ### About LBMA Daily Auction Prices When are the prices set? Who administers them? We’ve summarised below the main features of each of our precious metal prices. Find out more ## Page shell (navigation, sharing links and footer as captured; not part of the document) ### Before the document text [Find out more Register for the Global Precious Metals Conference in Sorrento, Italy](https://www.lbma.org.uk/global-precious-metals-conference) - Global - [Global](/) - [中文網站](/cn/) - [Contact](https://www.lbma.org.uk/contact) - About ### About - [About LBMA](https://www.lbma.org.uk/about-us/about-the-lbma) - [Our Team](https://www.lbma.org.uk/about-us/our-team) - [LBMA Board](https://www.lbma.org.uk/about-us/lbma-board) - [Independent Decision-Making Committee](https://www.lbma.org.uk/about-us/independent-decision-making-committee) - [LBMA Sub-Committees](https://www.lbma.org.uk/about-us/lbma-sub-committees) - [Origins of the London Bullion Market](https://www.lbma.org.uk/market-standards/origins-of-the-london-bullion-market) - [History of Global Trade in Bullion](https://www.lbma.org.uk/market-standards/history-of-global-trade-in-bullion) - [Member login](https://portal.lbma.org.uk/) - Market Standards ## Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. ### Market Overview - [About Loco London](https://www.lbma.org.uk/market-standards/about-loco-london) - [A Guide to the Loco London Precious Metals Market](https://www.lbma.org.uk/publications/the-otc-guide) - [Training and Education](https://www.lbma.org.uk/training-and-education) ### Our Standards - [Market Standards](https://www.lbma.org.uk/market-standards) - [Global Precious Metals Code](https://www.lbma.org.uk/market-standards/global-precious-metals-code) - [Good Delivery](https://www.lbma.org.uk/good-delivery) - [Responsible Sourcing](https://www.lbma.org.uk/responsible-sourcing) - [Incident Review Process](https://www.lbma.org.uk/market-standards/incident-review-process) ### Regulation Resources - [Financial Regulation](https://www.lbma.org.uk/regulation/financial-regulation) - [Due Diligence Regulation](https://www.lbma.org.uk/regulation/due-diligence-regulation) - [REACH](https://www.lbma.org.uk/regulation/reach) - [Review Process Case Studies](https://www.lbma.org.uk/review-process-case-studies) ### HQLA - [WGC and LBMA Launch Joint HQLA Website](https://www.lbma.org.uk/articles/wgc-and-lbma-launch-joint-hqla-website) - [Gold and HQLA: Correcting Misleading Online Information](https://www.lbma.org.uk/articles/gold-and-hqla-correcting-misleading-online-information) ### LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market [Read now](https://www.lbma.org.uk/articles/lbma-precious-metals-market-report-q2-2026) - Membership ## Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. ### Overview - [About Membership](https://www.lbma.org.uk/membership/about-membership) - [Current Members](https://www.lbma.org.uk/membership/current-membership) - [Rules for Members](https://www.lbma.org.uk/membership/rules-for-members) ### Become a Member - [How to Join](https://www.lbma.org.uk/membership/how-to-join) - [Membership Eligibility](https://www.lbma.org.uk/membership/how-to-join/membership-eligibility) - [Membership Benefits](https://www.lbma.org.uk/membership/membership-benefits) - [LBMA Subscriber](https://www.lbma.org.uk/membership/lbma-subscriber) - [Membership FAQs](https://www.lbma.org.uk/membership/faqs)

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### Supporting Pathways for Responsible ASM LBMA’s new report explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. [Read now](https://www.lbma.org.uk/articles/new-lbma-report-supporting-pathways-for-responsible-asm) ### Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. [Discover more](https://www.lbma.org.uk/articles/public-consultation-launch-responsible-gold-guidance-version-10) ### Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. [Read now](https://www.lbma.org.uk/articles/responsible-sourcing-newsletter-summit-takeaways-ibc-updates-and-rgg10-consultation) - Pricing & Data ## Pricing & Data View information about LBMA prices and data. ### Overview - [About LBMA Daily Auction Prices](https://www.lbma.org.uk/prices-and-data/about-lbma-daily-auction-prices) - [LBMA Gold Price](https://www.lbma.org.uk/prices-and-data/lbma-gold-price) - [LBMA Silver Price](https://www.lbma.org.uk/prices-and-data/lbma-silver-price) - [LBMA Platinum and Palladium Price](https://www.lbma.org.uk/prices-and-data/lbma-platinum-and-palladium-price) - [Clearing](https://www.lbma.org.uk/market-standards/clearing) - [Vaulting](https://www.lbma.org.uk/market-standards/vaulting) ### Data - [LBMA Precious Metal Prices](https://www.lbma.org.uk/prices-and-data/lbma-precious-metal-prices) - [LBMA Daily Trade Reporting Data](https://www.lbma.org.uk/prices-and-data/lbma-daily-trade-reporting-data) - [Clearing Data](https://www.lbma.org.uk/prices-and-data/clearing-data) - [London Vault Data](https://www.lbma.org.uk/prices-and-data/london-vault-data) - [Value Dates](https://www.lbma.org.uk/prices-and-data/value-dates) - [Country of Origin Data](https://www.lbma.org.uk/country-of-origin-data) ### Gold Price: LBMA Snapshot Survey of Professional Analysts Gold is forecast to price at around $4,500 at year-end according to the average of a survey of 16 professional analysts conducted by LBMA. [Find out more](https://www.lbma.org.uk/articles/gold-price-lbma-snapshot-survey-of-professional-analysts) ### LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. [Discover more](https://www.lbma.org.uk/articles/lbma-response-to-pra-consultation-paper-cp5-26-modernising-the-liquidity-policy-framework) - News ## News Read the latest news, publications and resources which outline our key initiatives. ### News and Resources - [Newsroom](https://www.lbma.org.uk/newsroom) - [Alchemist](https://www.lbma.org.uk/alchemist) - [Publications](https://www.lbma.org.uk/publications) - [LBMA Annual Precious Metals Forecast Survey](https://www.lbma.org.uk/prices-and-data/lbma-annual-precious-metals-forecast-survey) - [Centenary of the LBMA Gold Price](https://www.lbma.org.uk/centenary-of-the-lbma-gold-price) - [Wonders of Gold](https://www.lbma.org.uk/wondersofgold) - [Press Page](https://www.lbma.org.uk/press-page) ### Alchemist 122: In Gold We Trust? Our latest Alchemist explores how gold from e-waste is being recycled with new technology, examines some of the factors influencing the modern global economy, highlights governance updates within LBMA, and more. [Read now](https://www.lbma.org.uk/alchemist/issue-122) ### IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026

A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. [Find out more](https://www.lbma.org.uk/articles/iba-to-administer-lbma-platinum-and-palladium-price-benchmarks-from-1-july-2026) - Events ## Events Read the latest news, upcoming events and resources. ### Events and Webinars - [Upcoming Events](https://www.lbma.org.uk/upcoming-events) - [Past Events](https://www.lbma.org.uk/past-events) - [Webinar Series](https://www.lbma.org.uk/videos) - [Standards of Conduct at LBMA Events](https://www.lbma.org.uk/standards-of-conduct-at-lbma-events) ### Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. [Register now](https://www.lbma.org.uk/global-precious-metals-conference) [Conference 2026](https://www.lbma.org.uk/global-precious-metals-conference) - Market Standards ## Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. ### Market Overview - About Loco London - A Guide to the Loco London Precious Metals Market - Training and Education ### Our Standards - Market Standards - Global Precious Metals Code - Good Delivery - Responsible Sourcing - Incident Review Process ### Regulation Resources - Financial Regulation - Due Diligence Regulation - REACH - Review Process Case Studies ### HQLA - WGC and LBMA Launch Joint HQLA Website - Gold and HQLA: Correcting Misleading Online Information ### LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market [Discover more](https://www.lbma.org.uk/articles/lbma-precious-metals-market-report-q2-2026) - Membership ## Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. ### Overview - About Membership - Current Members - Rules for Members ### Become a Member - How to Join - Membership Eligibility - Membership Benefits - LBMA Subscriber - Membership FAQs ### Already a Member? Login to stay updated with LBMA Member news and events [Discover more](https://portal.www.lbma.org.uk) - Good Delivery ## Good Delivery The standard trusted around the world, Good Delivery guarantees metal quality in the market. LBMA owns and manages the Good Delivery Lists for both gold and silver. ### Overview - About Good Delivery - Good Delivery Rules and Governance - Good Delivery FAQs ### Lists - [Good Delivery Current List Data](https://www.lbma.org.uk/good-delivery/gold-current-list) - [Good Delivery Former List Data](https://www.lbma.org.uk/good-delivery/gold-former-list) - Russian Good Delivery Bars Information ### Application Process - How to apply for Good Delivery accreditation ### Advancing Standards - Proactive Monitoring - Proficiency Testing Scheme ### Resources - Reference Materials - Vault Operators Training - Visual Guide - Physical Market Guidelines - Past Assaying and Refining Conferences - Good Delivery Newsletters ### GBI - Gold Bar Security Features - Gold Bar Integrity Ecosystem ### GDL Newsletter Read the latest newsletter from our Good Delivery team on Committee updates, refinery visits and more [Discover more](https://www.lbma.org.uk/articles/gdl-newsletter-committee-updates-refinery-visits-and-more) - Responsible Sourcing ## Responsible Sourcing All LBMA Good Delivery List Refiners must adhere to our Responsible Sourcing Programme. With annual independent auditing and public reporting, the Programme builds global demand for responsible sourcing.

### Overview - Responsible Sourcing - Approved Assurance Providers Overview - Approved Assurance Providers - LBMA's ASM Initiative ### Guidance & Tools - Guidance Documents - Refiners Toolkit ### Consultations - Public Consultation: Responsible Gold Guidance Version 10 - Disclosure Guidance Version 3 ### Resources - International Bullion Centre Recommendations - Introductory Training Module - Responsible Sourcing FAQs ### Reporting - Country of Origin Data - Sustainability and Responsible Sourcing Reports - Responsible Sourcing Newsletters - Review Process Case Studies - LBMA Position on the North Mara Mine Claim ### Supporting Pathways for Responsible ASM LBMA’s new report explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. [Discover more](https://www.lbma.org.uk/articles/new-lbma-report-supporting-pathways-for-responsible-asm) ### Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. [Discover more](https://www.lbma.org.uk/articles/public-consultation-launch-responsible-gold-guidance-version-10) ### Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. [Discover more](https://www.lbma.org.uk/articles/responsible-sourcing-newsletter-summit-takeaways-ibc-updates-and-rgg10-consultation) - Pricing & Data ## Pricing & Data View information about LBMA prices and data. ### Overview - About LBMA Daily Auction Prices - LBMA Gold Price - LBMA Silver Price - LBMA Platinum and Palladium Price - Clearing - Vaulting ### Data - LBMA Precious Metal Prices - LBMA Daily Trade Reporting Data - Clearing Data - London Vault Data - Value Dates - Country of Origin Data ### Gold Price: LBMA Snapshot Survey of Professional Analysts Gold is forecast to price at around $4,500 at year-end according to the average of a survey of 16 professional analysts conducted by LBMA. [Discover more](https://www.lbma.org.uk/articles/gold-price-lbma-snapshot-survey-of-professional-analysts) ### LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. [Discover more](https://www.lbma.org.uk/articles/lbma-response-to-pra-consultation-paper-cp5-26-modernising-the-liquidity-policy-framework) - News ## News Read the latest news, publications and resources which outline our key initiatives. ### News and Resources - Newsroom - Alchemist - Publications - LBMA Annual Precious Metals Forecast Survey - Centenary of the LBMA Gold Price - Wonders of Gold - Press Page ### Alchemist 122: In Gold We Trust? Our latest Alchemist explores how gold from e-waste is being recycled with new technology, examines some of the factors influencing the modern global economy, highlights governance updates within LBMA, and more. [Discover more](https://www.lbma.org.uk/alchemist/issue-122) ### IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. [Discover more](https://www.lbma.org.uk/articles/iba-to-administer-lbma-platinum-and-palladium-price-benchmarks-from-1-july-2026) - Events ## Events

Read the latest news, upcoming events and resources. ### Events and Webinars - Upcoming Events - Past Events - Webinar Series - Standards of Conduct at LBMA Events ### Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. [Discover more](https://www.lbma.org.uk/global-precious-metals-conference) - Global ## Global - Global - 中文網站 - [Contact](/contact) - - About ## About - About LBMA - Our Team - LBMA Board - Independent Decision-Making Committee - LBMA Sub-Committees - Origins of the London Bullion Market - History of Global Trade in Bullion - [Member login](https://portal.lbma.org.uk/) ### After the document text ### Stay updated Register to access the latest LBMA news and events through our email alerts [Register at MyLBMA](https://portal.lbma.org.uk/) ### LBMA - [our team](https://www.lbma.org.uk/about-us) - [Membership](https://www.lbma.org.uk/membership) - [Current Members](https://www.lbma.org.uk/membership/current-membership) - [Contact Us](https://www.lbma.org.uk/contact) - [Our Team](https://www.lbma.org.uk/about-us/our-team) - [Newsroom](https://www.lbma.org.uk/newsroom) - [MyLBMA](https://portal.www.lbma.org.uk/) ### Quicklinks - [Prices and Data](https://www.lbma.org.uk/prices-and-data) - [LBMA Daily Trade Reporting Data](https://www.lbma.org.uk/prices-and-data/lbma-daily-trade-reporting-data) - [Good Delivery](https://www.lbma.org.uk/good-delivery) - [Alchemist](https://www.lbma.org.uk/alchemist) - [Events](https://www.lbma.org.uk/events) - [Responsible Sourcing](https://www.lbma.org.uk/responsible-sourcing) - [A Guide to the Loco London Precious Metals Market](https://www.lbma.org.uk/publications/the-otc-guide) [中文網站](/cn)  **© 2026 LBMA** 7th Floor, 62 Threadneedle Street, London EC2R 8HP | [LBMA Privacy Notice](/lbma-privacy-notice)