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LBMA Gold Price definition
The LBMA Gold Price is the twice-daily benchmark price for gold set through an electronic auction in London. It serves as the global reference rate that producers, refiners, central banks, and funds use to value and settle gold transactions.
The auction runs each business day, once in the morning and once in the afternoon, with participating banks submitting buy and sell orders until supply and demand balance at a single clearing price. That price is published in US dollars and other major currencies, giving the market a transparent daily benchmark.
The cousin is the spot price, which updates continuously as gold trades. The LBMA Gold Price is a snapshot struck at two set times, so it is used for valuation and contracts, while the live spot price is what you see moving on a trading screen.
LBMA Gold Price Example
You hold a contract that settles at the afternoon LBMA Gold Price rather than at the live market.
If that afternoon auction clears at USD 2,355 per troy ounce, your contract is valued at: USD 2,355 per troy ounce
Even if spot gold ticks to USD 2,360 minutes later, the benchmark figure stands. These prices are illustrative.
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