First fixed in 1919 by five major gold traders at £4.9375 per troy ounce. Currently conducted twice daily at 10:30AM and 3:00PM in USD. 14 participating banks are market makers setting gold prices. Since 2004, fixed via dedicated telephone system
Wholesale OTC market for gold, silver, platinum and palladium trading. Oversight by Bank of England through London Bullion Market Association (LBMA). Membership costs between £5,000 and £12,000 annually
Gold bars are refined metallic gold produced under standardized conditions. Larger bars are cast from molten metal, smaller ones from rolled sheets. Cast bars have irregular shapes, minted bars have smooth surfaces
LBMA established in 1987 by Bank of England through merger of London Gold and Silver Markets. Market volumes exceed $60 billion per day. Chards became full member in January 2024
Founded in 1987 as non-profit Swiss association with 19 gold mining companies. Headquartered in London with offices in New York, Singapore, Tokyo, Shanghai, Beijing and Mumbai. Current members include Barrick, Newmont and GoldCorp
Spot price is current market price for immediate delivery of gold. Gold prices fluctuate frequently, sometimes several times per minute. Gold is priced in U.S. dollars and can be bought/sold at various locations