JustChartsWhat Is the LBMA Gold Price (the London Gold Fix)?
The LBMA Gold Price is the world’s main benchmark price for gold, set twice each London business day by electronic auctions at 10:30 and 15:00 London time and published as the AM and PM prices in US dollars. It is administered by ICE Benchmark Administration and replaced the century-old “London Gold Fix” in March 2015. The LBMA Silver Price is set once a day at 12:00.
Key facts
- Gold auctions
- 10:30 and 15:00 London time
- Silver auction
- 12:00 London time
- Currency
- US dollars per troy ounce (GBP and EUR versions published)
- Administrator
- ICE Benchmark Administration (IBA)
- History
- London Gold Fix from 1919; electronic LBMA Gold Price since 2015
Why a benchmark price matters
Spot gold trades continuously and every dealer’s quote differs slightly. Central banks, miners, refiners, jewellers and funds need one agreed reference price for contracts, valuations and settlement — that is the LBMA Gold Price.
How the auction works
Accredited participants submit buy and sell orders on an electronic platform. The administrator proposes a price; if buy and sell volumes don’t balance within a set tolerance, the price is adjusted in short rounds until they do. The final price is published as the LBMA Gold Price AM or PM.
A short history
The London Gold Fix began in September 1919, with a handful of bullion houses agreeing a price by phone. After concerns about transparency, it was replaced by the electronic, regulated LBMA Gold Price on 20 March 2015. Silver moved to an electronic auction in August 2014.
LBMA price vs spot price
- Spot gold (XAU/USD) moves every second, around the clock.
- The LBMA price is a snapshot at the auction time — usually very close to spot at that moment.
- Traders sometimes see extra volume and volatility around 10:30 and 15:00 London time as large orders are matched.
See gold trading hours for when the market is most active.
Frequently asked questions
What time is the LBMA gold price set?
Twice each London business day, at 10:30 and 15:00 London time. The silver price is set once, at 12:00.
Is the London gold fix still used?
The old telephone-based fix ended in 2015. Its successor, the electronic LBMA Gold Price, is still the global benchmark.
Who runs the LBMA gold price?
ICE Benchmark Administration (IBA) has administered it since March 2015.
Put it into practice
Live charts, an economic calendar and trading calculators — free with a JustCharts account.
Watch gold around the London auctionsThis article is for education only and is not financial advice. Trading leveraged products carries a high risk of losing money. Contract sizes, trading hours and leverage limits vary by broker and country — always check your own broker’s specifications.