LBMA Gold Price: how the London gold auction works
Josef Tufan is the founder of KTsys Solutions.
KTsys Solutions builds software for the physical precious metals business, since 2009.
Last updated · Photo altered with AI.
The LBMA Gold Price is the global benchmark price for unallocated gold delivered in London, set twice a day in an electronic auction that starts at 10:30 and 15:00 London time.1 ICE Benchmark Administration (IBA) runs the auction in rounds of 30 seconds until buying and selling match within 10,000 troy ounces.1 The LBMA Gold Price is the result of one auction at one moment, while the spot price of gold on websites is a quote that each vendor updates during trading hours.2 In January 2026 the LBMA Gold Price peaked at 5,405.00 USD/oz3.
What is the LBMA Gold Price?
The LBMA Gold Price is the benchmark price for unallocated gold delivered in London, published in US dollars per troy ounce twice a day as the LBMA Gold Price AM and the LBMA Gold Price PM.1 Producers, refiners, investors, banks, central banks, fabricators and jewellers trade in the auction and use its result as a reference price.1
The LBMA Gold Price is one of four LBMA precious metals prices, next to the LBMA Silver, Platinum and Palladium Prices; IBA administers all four.4 IBA also publishes the LBMA Gold Price in British pounds and euros, converted at the exchange rates of the moment the final round ends; only the US-dollar price is traded in the auction.1
How the LBMA Gold Price auction works
The LBMA Gold Price auction runs on the ICE Trading Platform in rounds of 30 seconds and ends when the gold that participants want to buy and sell at one price matches within a threshold:1
- Round zero: in the 30 minutes before the auction, participants queue their orders; there is no price yet.
- At the start of each round, IBA publishes a price for that round, set by an algorithm that takes market conditions and the activity in the auction into account.
- Participants have 30 seconds to enter, change or cancel how much gold they want to buy or sell at that price.
- At the end of the round, order entry freezes and the system compares the imbalance between buying and selling with the threshold, normally 10,000 troy ounces for gold.
- If the imbalance is above the threshold, IBA adjusts the price and a new round starts.
- If the imbalance is within the threshold, the price is set: the imbalance is shared equally among the direct participants, and each participant's net volume trades at the final price.
- IBA publishes the final price as the LBMA Gold Price AM or PM.
Direct participants trade with the clearing house or other direct participants; indirect participants are their clients and trade bilaterally with their direct participant. IBA staff supervise every auction. Because the LBMA Gold Price comes from the final round, it has no set publication time: 10:30 and 15:00 London time are the expected start times.1
LBMA Silver, Platinum and Palladium Prices
The LBMA Silver Price is set once a day at 12:00 London time with a threshold of normally 500,000 troy ounces;1 the LBMA Platinum and Palladium Prices are set twice a day, at 09:45 and 14:00, and each palladium auction starts when the platinum auction ends.4
| Benchmark | Time (London) | Administrator | Unit |
|---|---|---|---|
| LBMA Gold Price AM / PM | 10:30 / 15:00 London | ICE Benchmark Administration (IBA), since March 20151 | USD/oz |
| LBMA Silver Price | 12:00 London | IBA, since October 20171 | USD/oz |
| LBMA Platinum / Palladium Price AM / PM | 09:45 / 14:00 London | IBA, since 01.07.20264 | USD/oz |
LBMA Gold Price and other gold benchmarks in one day
The LBMA Gold Price is one of several gold benchmarks set at fixed times around the world: Shanghai sets its benchmark at 10:155 and 14:155 Beijing time, Moscow its gold fixing at 12:306 Moscow time.
| Benchmark | Start time (local) |
|---|---|
| LBMA Platinum Price AM (palladium follows) | 09:45 London4 |
| LBMA Gold Price AM | 10:30 London1 |
| LBMA Silver Price | 12:00 London1 |
| LBMA Platinum Price PM (palladium follows) | 14:00 London4 |
| LBMA Gold Price PM | 15:00 London1 |
| Shanghai Gold Benchmark Price AM | 10:15 Beijing5 |
| Shanghai Gold Benchmark Price PM | 14:15 Beijing5 |
| MOEX gold fixing | 12:30 Moscow6 |
| RUGOLD index | 15:30 Moscow6 |
Who administers and regulates the LBMA Gold Price?
ICE Benchmark Administration (IBA) administers the LBMA Gold Price, and the UK Financial Conduct Authority (FCA) authorises and regulates IBA as a benchmark administrator under the UK Benchmarks Regulation.1
The European Securities and Markets Authority (ESMA) recognises IBA for the LBMA Gold Price under the EU Benchmarks Regulation; the LBMA Silver Price is out of scope of the EU regulation.1 IBA's Precious Metals Oversight Committee reviews the methodology at least once a year.1 The LBMA's own silver FAQ still names CME Benchmark Europe as calculator of the silver price, while the same page and IBA name IBA; the sources conflict, and the CME wording reads as older text.9
Not legal advice. Whether and how a benchmark regulation applies to a company's use of the LBMA prices must be confirmed by a lawyer.
From the London Gold Fixing to the LBMA Gold Price
Until March 2015 the London gold price was set in the London Gold Fixing; since then IBA has administered the LBMA Gold Price as an electronic auction.10,11
| Date | Event | Figure |
|---|---|---|
| 01.07.2026 | IBA takes over the LBMA Platinum and Palladium Prices4 | |
| 10.2017 | IBA becomes administrator of the LBMA Silver Price11 | |
| 03.2015 | IBA becomes administrator of the LBMA Gold Price, an electronic auction11 | |
| 28.06.2012 | Barclays trader manipulates the 15:00 gold fix on 28.06.2012; FCA fine in 201410 | GBP 26 million |
Is the LBMA Gold Price the spot price?
No: the LBMA Gold Price is the price of one auction at one moment, while the gold spot price on websites is a quote that each vendor builds and updates during trading hours.1,2 At the record of January 2026 the two lay far apart:
| Source | Date | Gold price |
|---|---|---|
| LBMA Gold Price record3 | 29.01.2026 | 5,405.00 USD/oz |
| Gold record high reported by StoneX12dealer source | 28.01.2026 | 5,589.38 USD/oz |
| Gold record high reported by APMEX13dealer source | 28.01.2026 | 5,602.22 USD/oz |
LBMA Gold Price or spot price in contracts
Which price a contract should reference is a legal decision for each contract: the LBMA Gold Price is one published auction price per session, while a spot quote differs from vendor to vendor.1,14 IBA makes the LBMA prices available under licence, including for valuation and pricing and for use in transactions.4
Not legal advice. Verify with a lawyer in each jurisdiction.
Frequently asked questions about the LBMA Gold Price
What time is the LBMA Gold Price set?
The LBMA Gold Price auctions start at 10:30 and 15:00 London time. The price is published when the final round ends, so there is no fixed publication time.1
Who runs the LBMA Gold Price auction?
ICE Benchmark Administration (IBA) runs the LBMA Gold Price auction on the ICE Trading Platform; the UK Financial Conduct Authority regulates IBA as a benchmark administrator.1
Is the LBMA Gold Price the same as the spot price?
No. The LBMA Gold Price is the result of one auction at one moment; the gold spot price is a quote that each vendor updates during trading hours. In January 2026 the LBMA Gold Price peaked at 5,405.00 USD/oz3, while StoneX reported a spot high of 5,589.38 USD/oz (dealer source)12.
Is the LBMA Gold Price published in euros and pounds?
Yes. IBA converts the final US-dollar price into British pounds and euros at the exchange rates of the moment the final round ends; only the US-dollar price is traded in the auction.1
Is there an LBMA Gold Price every day?
No. The LBMA Gold Price is not published on certain days; IBA publishes a holiday calendar for each year.1
Which price should a contract reference: spot or a benchmark?
That is a legal decision for each contract. The LBMA Gold Price is one published auction price per session, a spot quote differs between vendors, and IBA licenses the LBMA prices for use in transactions.4
Not legal advice. Verify with a lawyer in each jurisdiction.
Sources for this article on the LBMA Gold Price
- ICE/IBA, LBMA Gold and Silver Price methodology. Primary source, EN, published January 2026, accessed 11.11.2026.
- Kitco, silver price. Price portal, EN, accessed 11.11.2026.
- World Gold Council, Gold Mid-Year Outlook 2026. Primary source, published 01.07.2026, accessed 12.11.2026.
- ICE/IBA, LBMA precious metals page. Primary source, EN, accessed 11.11.2026.
- SGE, Shanghai Gold Benchmark white paper. Primary source, ZH, published April 2016, accessed 11.11.2026.
- MOEX, precious metals. Primary source, RU, accessed 11.11.2026.
- Aditya Birla Capital, gold price in India. Secondary source, EN, published 25.08.2026, accessed 11.11.2026.
- Gulf News, DGJG rate setting. Secondary source, EN, published 30.11.2015, accessed 11.11.2026.
- LBMA, Silver Price FAQ. Primary source, EN, accessed 11.11.2026.
- FCA, Barclays fined £26m for failings surrounding the London Gold Fixing. Primary source, published 23.05.2014, accessed 12.11.2026.
- ICE/IBA, Precious Metals Benchmark Statement. Primary source, EN, accessed 11.11.2026.
- StoneX Bullion, highest gold price. Dealer, EN, published 2026, accessed 11.11.2026.
- APMEX, gold price. Dealer, EN, accessed 11.11.2026.
- CMI Gold & Silver, spot prices. Dealer, EN, accessed 11.11.2026.
- BullionVault, tariff EFP. Secondary source, EN, published 31.01.2025, accessed 11.11.2026.