London Bullion Market

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London Bullion Market

An over-the-counter market for the trade of gold and silver. One must be a member of the London Bullion Market Association in order to trade on this market. While the Bank of England may regulate the market, the LBMA operates primarily as a self-regulatory organization.
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London gold market is the largest gold spot market and world center of gold pricing.
For daily gold prices, we will rely on the London gold fixing, which represents the process of setting the price for gold, twice for each business day, by the members of The London Gold Market Fixing.
March 14, 1968 was designated a non-statutory bank holiday in the sterling crisis, allowing the London gold market to be closed.
Gold prices are set twice daily by the London Gold Market Fixing (LGMF) at 10:30 and 15:00 and are expressed in U.
Barclays became the first bank to be fined over attempted manipulation of the 95-year-old benchmark London gold market daily "fix" last week.
The price of gold is decided, twice, each business day in London by members of The London Gold Market Fixing.
The LBMA is an international industry organization representing gold and silver bullion wholesalers, which establishes and manages the standards for gold and silver circulating on the London Gold Market and the London Silver Market, in addition to certifying companies and minting authorities that pass stringent reviews to be registered on the lists of authorized refiners.
The benchmark for gold prices is the goldfixing price determined by the five members of the London Gold Market Fixing LTD through balancing some buyers' and sellers' offers.
Sales to France and in the London gold market to stabilize the market price around the official price accounted for much of this total.
Traders relay shifts in supply and demand to clients during the calls and take fresh orders to buy or sell as the price changes, according to the website of London Gold Market Fixing Ltd, where results are published.

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