Original mechanism
From 1919, member banks set the gold price twice daily by matching buy and sell orders. The result was the reference price for global wholesale settlement.
Precious metals intelligence
London Gold Fix History
The London Gold Fix set the global benchmark gold price for over a century. The auction was reformed in 2015 but the function remains.
Reform
After manipulation allegations and lawsuits, the LBMA replaced the closed call with the LBMA Gold Price in 2015 — an electronic auction administered by ICE Benchmark Administration.
Why it still matters
Central banks, ETFs, and refiners reference the LBMA Gold Price for settlement and accounting. The afternoon fix is the most heavily referenced single moment in the gold day.
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