Understanding Bullion Fix and Spot Price
The price of Gold is 'fixed' twice daily for the London Bullion Market Association (LBMA) at 10.30am and 3.00pm GMT by an independent third party, ICE Benchmark Administration.The founding participants of this new electronic system are Barclays, HSBC, Scotia Bank, Societe Generale and UBS, with additional institutions considering becoming involved.
The LBMA London Silver Price is set at 12 noon GMT by six accredited participants, accredited by the LBMA; HSBC Bank USA NA, JPMorgan Chase Bank, Mitsui & Co Precious Metals Inc, The Bank of Nova Scotia - ScotiaMocatta, The Toronto Dominion Bank and UBS AG. The pricing platform is provided by CME Group and administration is provided by Thomson Reuters.
The LBMA Platinum Price and the LBMA Palladium Price are administered by the London Metal Exchange (LME). Prices are discovered by allowing the participants BASF Metals Ltd, Goldman Sachs International, HSBC Bank USA NA, Johnson Matthey plc and Standard Bank plc access to a custom-built platform known as LMEbullion.
The 'Spot Price' is the current value, at which physical bullion can be bought or sold at a specified time and place. It is calculated from the average bid prices offered by worldwide professional traders. This is determined by supply and demand, conjecture as well as events occurring across the world like wars and national emergencies. The live spot prices for all precious metals are displayed on our website so you can choose when to sell, or indeed when to buy. The spot prices displayed on our website are shown per troy ounce and per gram, a standard used across the world.