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.
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 until May 2017 when the series ends.
The Bank of England currently uses market data and not the LBMA Gold Price to value the UK’s foreign currency reserves.