LBMA Fixing
Also: London Fix, London Fixing Price, LBMA Gold Price, LBMA Silver Price
The LBMA Fixing is a reference price for gold and silver determined twice daily in London, used worldwide as a binding benchmark for trade transactions, mining contracts, and financial products.
The LBMA Fixing — officially known today as the LBMA Gold Price and LBMA Silver Price — is the world's most important reference price for physical gold and silver. It is determined daily in London through a regulated electronic auction process and serves mining corporations, central banks, jewellery manufacturers, refineries, and financial institutions as the binding price basis for millions of contracts. You can track the current gold price and silver price at any time on this website.
Historical development
The London gold fixing has a history of almost one hundred years:
| Year | Event |
|---|---|
| 1919 | First daily gold fixing in London (N M Rothschild & Sons, 4 other banks) |
| 1968 | Second daily fixing introduced (PM Fix); two-tier market following gold pool collapse |
| 1987 | Foundation of the London Bullion Market Association (LBMA) |
| 2004 | Rothschild withdraws; Barclays Capital takes the seat; physical meetings end — fixing henceforth conducted as telephone conference, chairmanship rotates annually |
| 2014 | Allegations of manipulation lead to regulatory reforms |
| 2015 | ICE Benchmark Administration (IBA) takes over administration; new electronic auction model |
The silver fixing existed in its original form from 1897 to 2014 and has run as the electronic LBMA Silver Price since August 2014. Administration was initially taken over by CME Group together with Thomson Reuters; since 2 October 2017 the LBMA Silver Price — like the gold price before it — has been administered by the ICE Benchmark Administration (IBA).
How does the auction process work?
Since the 2015 reform, the gold fixing has run as a fully automated electronic auction following a clearly defined algorithm:
Starting price = current OTC spot price (reference value)
Round n:
Bids and offers from participants are aggregated
If |demand - supply| ≤ tolerance → fixing price established
Otherwise: price is adjusted → next round
The auction begins with a starting price close to the current spot price and iterates within a few minutes until supply and demand are balanced within a defined tolerance corridor. Participants are exclusively LBMA-accredited market participants (Direct Participants), bidding in their own name or on behalf of clients.
Fixing times daily (London local time):
- Gold AM Fix: 10:30
- Gold PM Fix: 15:00
- Silver Fix: 12:00
Distinction: fixing price vs. spot price
A common misconception: the fixing price is not identical to the current spot price, even though both are closely related.
| Characteristic | Spot Price | LBMA Fixing |
|---|---|---|
| Determination | Continuous, OTC interbank market | 2× daily via auction |
| Purpose | Short-term trading, hedging | Contract reference, settlements |
| Binding nature | Indicative | Official benchmark |
| Transparency | Varies by provider | Fully published |
| Regulation | Low | FCA-regulated (UK) |
For short-term purchase decisions, the current spot price is more relevant; for long-term supply contracts or mining off-takes, the fixing price is typically referenced.
Significance and applications
The LBMA fixing price finds application in a wide variety of contexts:
- Mining contracts: Gold producers often sell their output at "PM Fix minus X USD/oz".
- Jewellery and industrial off-takes: Refineries and jewellery manufacturers settle on a fixing basis.
- Central banks: Valuation of gold reserves and transactions between central banks.
- ETFs and ETCs: Many gold funds (e.g. physically backed gold ETFs) value their units daily at the LBMA PM Fix.
- Derivatives and structured products: Options and futures contracts on the OTC market reference the fixing price as the settlement rate.
- Tax valuation: In some jurisdictions, the fixing price is used as the valuation basis for inheritance or gift tax (no tax or investment advice; please consult a tax advisor).
The historical fixing prices are publicly accessible and form one of the most comprehensive price time series in the commodities market — gold data goes back to 1968.
Regulation and integrity
Following the Libor scandal and suspicions of market manipulation in the gold market (2014), the fixing process was fundamentally reformed:
- FCA supervision: IBA as benchmark administrator is subject to the UK's Financial Conduct Authority.
- Full traceability: All auction rounds are logged.
- Expanded participant base: More accredited banks and trading firms can participate.
- BMR compliance: The process meets the requirements of the EU Benchmarks Regulation (BMR).
Platinum group metals: no LBMA fixing
Important to note: for platinum and palladium, no classical gold or silver fixing by the IBA exists. For these metals, the LBMA Platinum and Palladium Prices are determined — twice daily via electronic auction, administered by the London Metal Exchange (LME), which took over this process from the former London Platinum and Palladium Fixing at the end of 2014.
In brief
The LBMA Fixing is the heart of the London gold market: a regulated, electronic auction process that provides two binding daily reference prices for gold and one for silver — used by central banks, mines, refineries, and financial products around the globe. Anyone who buys or sells physical precious metals is effectively always acting in the shadow of this benchmark. You can view the current price and historical price development on this page at any time and calculate further using our Gold Calculator.