WHAT IS 'Gold Fix'

The London Gold Fix was replaced in 2015 by The London Bullion Market Association, or LBMA, Gold Price. The price continues to be set twice daily at 10:30 and 15:00 London GMT in US dollars.


The main frole of the London Gold Fix, now the LBMA, is the maintenance and publication of the Good Delivery Lists for gold and silver, which sets the benchmark for gold and silver metal bars worldwide. LBMA was established in 1987 by the Bank of England, which at that time was the bullion market's regulator. The LBMA sets and monitors refining standards, creates trading documentation and fosters the development of good trading practices. ICE Benchmark Administration, or IBA, provides the auction platform, methodology as well as overall independent administration and governance for the LBMA Gold Price, with the LBMA holding the intellectual property rights. LBMA comprises and represents key market participants and their clients in the London Bullion Market. Its members include refiners, fabricators, traders, storage and security carriers. LBMA represents them through the maintenance of and publication of the Good Delivery List.

Bullion trading

World trade in bullion is based in London with a global membership and client base. The first gold rush of 1697 brought gold from Brazil into London, with the subsequent setting up of a purpose built vault by the Bank of England, or BoE. Further gold rushes followed in California, Australia and South Africa, which added to the stocks of gold in London. Refineries were set up to process this gold and were typically located close to the BoE. In 1750 the BoE set up the London Good Delivery List for gold, which formally recognized those refineries that produced gold bars to the required standard. LBMA took over the roles previously carried out by the London Gold Market and Silver Market, whose origins date back to the mid-nineteenth century. Today, the LBMA owns and manages the Good Delivery Lists for gold and silver.

Trading in spot, forwards and wholesale deposits in the bullion market is underpinned by the Global Precious Metals Code. The Global Precious Metals Code, launched in 2017, sets standards and practices expected from market participants in the global Over the Counter (OTC) wholesale precious metals market. The code is intended to define a robust, fair, effective and transparent market where all participants are able to transact following best practice guidelines. It sets principles to promote the integrity and effective functioning of the global market covering ethics, governance, compliance and risk management, information sharing and business conduct.

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