London gold price
Prior to 20 March 2015, the price was directly set by representatives of a number of bullion dealers. From 20 March 2015, the price setting process became the responsibility of the London Bullion Market Association. The LBMA Gold Price is operated and administered by an independent third party provider, ICE Benchmark Administration (IBA). IBA provide the price platform, methodology as well as the overall administration and governance for the LBMA Gold Price.
Buy and sell orders are submitted by a number of LBMA Gold price setting participants. The LBMA Gold price 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. When 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.
Figures shown here from 1975 1st quarter to 1979 3rd quarter inclusive are the averages of Friday observations. Thereafter, they are based on daily observations.