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The London gold market and the LBMA Gold Price
Gold fix 1919; LBMA price 2015· Institution or agency
Fact, law or dataA rule, statute, definition or measured number.
London is the world's main wholesale gold market, and the LBMA Gold Price, set twice daily, is the global benchmark.
See it on the Money & Finance map →How it works
The London gold fixing began on September 12, 1919, at N M Rothschild & Sons, with five firms agreeing a price. After a 2014 fine against Barclays over a trader's manipulation, it was replaced in March 2015 by the LBMA Gold Price, an electronic auction run by ICE Benchmark Administration at 10:30 and 15:00. Trading is mostly bank-to-bank, over the counter, in 400-ounce 'Good Delivery' bars. London vaults held roughly 8,500 tonnes in early 2025, over 5,000 at the Bank of England.
Why it matters
Central banks, ETFs, jewelers and miners settle trades off this price, and London vaults hold much of the gold behind ETFs and central-bank reserves.
Facts, rules and data
LBMA vault statistics, ICE Benchmark Administration auction records, the FCA's 2014 Barclays final notice, and Bank of England gold-holding figures.
Debates and risks
How much London gold is truly free to trade, versus pledged or leased out, is not public, which fuels recurring claims of shortages.
Connections (2)
▸The London gold market and the LBMA Gold Price sets the daily benchmark price for Gold and precious metals as investmentsFact, law or data
The connection
Gold investors' prices trace back to London. The LBMA Gold Price, set twice daily by electronic auction, is used to value gold ETFs, settle mining and jewelry contracts, and mark central-bank reserves. Spot gold trades around the clock, but this benchmark gives contracts one agreed price to reference.
When and why
London, daily at 10:30 and 15:00; run by ICE Benchmark Administration since March 2015.
How we know
ETF prospectuses, such as SPDR Gold Shares (GLD), that value holdings at the LBMA Gold Price, and IBA auction records.
Debates and risks
Whether a few large banks still have outsized influence over price discovery, after the old fix proved open to manipulation, is debated.
▸The London gold market and the LBMA Gold Price saw gold rush to New York amid US tariff surge of 2025–26 and the IEEPA rulingFact, law or data
The connection
After the 2024 election, traders feared tariffs on imported gold, so New York COMEX futures traded well above London prices. Banks profited by flying bars from London to New York, often recast in Switzerland to fit COMEX sizes. COMEX stocks rose about 400 tonnes in roughly three months, and Bank of England withdrawal waits stretched to four to eight weeks.
When and why
London, Switzerland and New York, December 2024–February 2025, and again in August 2025 after a US customs ruling on Swiss bars.
How we know
COMEX warehouse reports, Bank of England and LBMA vault data, Swiss export statistics, and the White House's April 2025 bullion exemption.
Debates and risks
Whether the shift was only temporary tariff arbitrage or a lasting move of gold toward the US, and how tight London really ran.