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4. The Price | LBMA Find out more Register for the Global Precious Metails Conference in Sorrento, Italy Global Global 中文網站 Contact About About About LBMA Our Team LBMA Board Independent Decision-Making Committee LBMA Sub-Committees Origins of the London Bullion Market History of Global Trade in Bullion Member login Market Standards Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. Market Overview About Loco London A Guide to the Loco London Precious Metals Market Training and Education Our Standards Market Standards Global Precious Metals Code Good Delivery Responsible Sourcing Incident Review Process Regulation Resources Financial Regulation Due Diligence Regulation REACH Review Process Case Studies HQLA WGC and LBMA Launch Joint HQLA Website Gold and HQLA: Correcting Misleading Online Information LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market Read now Membership Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. Overview About Membership Current Members Rules for Members Become a Member How to Join Membership Eligibility Membership Benefits LBMA Subscriber Membership FAQs Already a Member? Login to stay updated with LBMA Member news and events Log in here Good Delivery Good Delivery The standard trusted around the world, Good Delivery guarantees metal quality in the market. LBMA owns and manages the Good Delivery Lists for both gold and silver. Overview About Good Delivery Good Delivery Rules and Governance Good Delivery FAQs Lists Good Delivery Current List Data Good Delivery Former List Data Russian Good Delivery Bars Information Application Process How to apply for Good Delivery accreditation Advancing Standards Proactive Monitoring Proficiency Testing Scheme Resources Reference Materials Vault Operators Training Visual Guide Physical Market Guidelines Past Assaying and Refining Conferences Good Delivery Newsletters GBI Gold Bar Security Features Gold Bar Integrity Ecosystem GDL Newsletter Read the latest newsletter from our Good Delivery team on Committee updates, refinery visits and more Read now Responsible Sourcing Responsible Sourcing All LBMA Good Delivery List Refiners must adhere to our Responsible Sourcing Programme. With annual independent auditing and public reporting, the Programme builds global demand for responsible sourcing. Overview Responsible Sourcing Approved Assurance Providers Overview Approved Assurance Providers LBMA's ASM Initiative Guidance & Tools Guidance Documents Refiners Toolkit Consultations Public Consultation: Responsible Gold Guidance Version 10 Disclosure Guidance Version 3 Resources International Bullion Centre Recommendations Introductory Training Module Responsible Sourcing FAQs Reporting Country of Origin Data Sustainability and Responsible Sourcing Reports Responsible Sourcing Newsletters Review Process Case Studies LBMA Position on the North Mara Mine Claim Supporting Pathways for Responsible ASM LBMA’s new repo
rt explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. Read now Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. Discover more Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. Read now Pricing & Data Pricing & Data View information about LBMA prices and data. Overview About LBMA Daily Auction Prices LBMA Gold Price LBMA Silver Price LBMA Platinum and Palladium Price Clearing Vaulting Data LBMA Precious Metal Prices LBMA Daily Trade Reporting Data Clearing Data London Vault Data Value Dates Country of Origin Data LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. Discover more News News Read the latest news, publications and resources which outline our key initiatives. News and Resources Newsroom Alchemist Publications LBMA Annual Precious Metals Forecast Survey Centenary of the LBMA Gold Price Wonders of Gold Press Page IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. Find out more LBMA in Singapore: Strengthening Asia's Role in the Global Gold Market The 2026 Asia Pacific Metals Conference underlined Asia’s growing importance in global precious metals and the need for trusted, resilient and better-connected markets. Read more Events Events Read the latest news, upcoming events and resources. Events and Webinars Upcoming Events Past Events Webinar Series Standards of Conduct at LBMA Events Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. Register now Conference 2026 Market Standards Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. Market Overview About Loco London A Guide to the Loco London Precious Metals Market Training and Education Our Standards Market Standards Global Precious Metals Code Good Delivery Responsible Sourcing Incident Review Process Regulation Resources Financial Regulation Due Diligence Regulation REACH Review Process Case Studies HQLA WGC and LBMA Launch Joint HQLA Website Gold and HQLA: Correcting Misleading Online Information LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market Discover more Membership Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. Overview About Membership Current Members Rules for Members Become a Member How to Join Membe
rship Eligibility Membership Benefits LBMA Subscriber Membership FAQs Already a Member? Login to stay updated with LBMA Member news and events Discover more Good Delivery Good Delivery The standard trusted around the world, Good Delivery guarantees metal quality in the market. LBMA owns and manages the Good Delivery Lists for both gold and silver. Overview About Good Delivery Good Delivery Rules and Governance Good Delivery FAQs Lists Good Delivery Current List Data Good Delivery Former List Data Russian Good Delivery Bars Information Application Process How to apply for Good Delivery accreditation Advancing Standards Proactive Monitoring Proficiency Testing Scheme Resources Reference Materials Vault Operators Training Visual Guide Physical Market Guidelines Past Assaying and Refining Conferences Good Delivery Newsletters GBI Gold Bar Security Features Gold Bar Integrity Ecosystem GDL Newsletter Read the latest newsletter from our Good Delivery team on Committee updates, refinery visits and more Discover more Responsible Sourcing Responsible Sourcing All LBMA Good Delivery List Refiners must adhere to our Responsible Sourcing Programme. With annual independent auditing and public reporting, the Programme builds global demand for responsible sourcing. Overview Responsible Sourcing Approved Assurance Providers Overview Approved Assurance Providers LBMA's ASM Initiative Guidance & Tools Guidance Documents Refiners Toolkit Consultations Public Consultation: Responsible Gold Guidance Version 10 Disclosure Guidance Version 3 Resources International Bullion Centre Recommendations Introductory Training Module Responsible Sourcing FAQs Reporting Country of Origin Data Sustainability and Responsible Sourcing Reports Responsible Sourcing Newsletters Review Process Case Studies LBMA Position on the North Mara Mine Claim Supporting Pathways for Responsible ASM LBMA’s new report explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. Discover more Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. Discover more Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. Discover more Pricing & Data Pricing & Data View information about LBMA prices and data. Overview About LBMA Daily Auction Prices LBMA Gold Price LBMA Silver Price LBMA Platinum and Palladium Price Clearing Vaulting Data LBMA Precious Metal Prices LBMA Daily Trade Reporting Data Clearing Data London Vault Data Value Dates Country of Origin Data LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. Discover more News News Read the latest news, publications and resources which outline our key initiatives. News and Resources News
room Alchemist Publications LBMA Annual Precious Metals Forecast Survey Centenary of the LBMA Gold Price Wonders of Gold Press Page IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. Discover more LBMA in Singapore: Strengthening Asia's Role in the Global Gold Market The 2026 Asia Pacific Metals Conference underlined Asia’s growing importance in global precious metals and the need for trusted, resilient and better-connected markets. Discover more Events Events Read the latest news, upcoming events and resources. Events and Webinars Upcoming Events Past Events Webinar Series Standards of Conduct at LBMA Events Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. Discover more Global Global Global 中文網站 Contact About About About LBMA Our Team LBMA Board Independent Decision-Making Committee LBMA Sub-Committees Origins of the London Bullion Market History of Global Trade in Bullion Member login A Guide to the Loco London Precious Metals Market 4. The Price Contents A Guide to the Loco London Precious Metals Market Editor's Note Chief Executive’s Foreword 1. Introduction 2. London Bullion Market Association 3. London Platinum and Palladium Market 4. The Price 5. London Good Delivery – Gold and Silver 6. Good Delivery – Platinum and Palladium 7. London Precious Metals Clearing Limited 8. Precious Metal Accounts 9. Lending and Borrowing Metal 10. Options 11. Precious Metal Benchmarks 12. Bank of England 13. Futures Markets and Exchange 14. Physical Metal 15. Documentation 16. Market Regulation 17. Taxation 18. Conversion Table 19. Key Facts about Precious Metals 20. Clearing Statistics 21. Market Trade Statistics 22. Central Bank and Governmental Ownership of Gold 23. Properties of Precious Metals 24. Frequently Asked Questions 25. Annexes 26. Disclaimer Download It is a familiar sight in the media to see the prices of the four precious metals displayed. These are generally expressed in terms of dollars per ounce but may bear little resemblance to the price of one ounce of the metal in a piece of jewellery or in a small bar. So what does this number actually mean? layout/blocks/body/_text --> There are a number of factors that need to be considered to answer this. The first is that the price is quoted per troy ounce. layout/blocks/body/_media --> layout/blocks/body/_text --> Ounce The ounce that many people are used to in their everyday lives is the avoirdupois ounce of which there are 16 to the pound. This is equivalent to 28.3495 grams. However, precious metals are not measured in avoirdupois ounces but in troy ounces. There is some debate as to the origins of the term. However, it is generally thought to refer to a medieval fair that was held in the French town of Troyes and where gold and silver could be purchased. The troy ounce is approximately 1.1 times larger than the avoirdupois ounce and is equivalent to 31.1035 gram
s. Throughout this Guide, whenever the term ‘ounce’ is used, it will invariably refer to troy ounces. To be a little more specific – for gold, ‘ounce’ refers to one fine troy ounce and for silver, platinum and palladium one troy ounce. The significance of this differentiation is that, in the case of gold, the unit represents pure gold irrespective of the purity of a particular bar, whereas for silver, platinum and palladium, it represents one ounce of material of which a minimum of 999 parts in every 1000 will be silver and 999.5 parts in every 1000 will be platinum or palladium, respectively. Fineness is defined more fully later in this section. In market parlance, gold is traded on the wholesale market with a minimum purity of ‘two nines five’ (995 or 99.5% pure), while silver is ‘three nines’ (999 or 99.9%), and platinum and palladium are ‘three nines five’ (9995 or 99.95%). There is a conversion table of weights in section 18. What It takes little imagination to realise that the smaller the increment of metal that is purchased, the more expensive it is likely to be in terms of the weight purchased, since there will be many fixed costs associated with its manufacture. Therefore, a 1 gram bar of precious metal will be considerably more expensive on a like-for-like basis than a bar weighing one troy ounce. However, the prices that appear in the media normally represent the wholesale market and, hence, are for considerably larger sizes, i.e. what are referred to as either ‘market’ or ‘large’ bars, but more properly as ‘London Good Delivery’ bars. The LBMA defines the requirements for gold and silver, and the LPPM the requirements for platinum and palladium. The full specifications are laid out in sections 5 and 6. For the purposes of this section of the Guide, they are broadly defined as: layout/blocks/body/_text --> Gold : a bar weighing between 350 and 430 troy ounces. Minimum of 995 purity Silver : a bar weighing between 750 and 1,100 troy ounces. Minimum of 999 purity Platinum : a bar weighing between 1 and 6 kilograms (32.151 to 192.904 ounces). Minimum of 9995 purity Palladium : a bar weighing between 1 and 6 kilograms (32.151 to 192.904 ounces). Minimum of 9995 purity layout/blocks/body/_text --> Therefore, in the case of gold, the published price refers to a fine troy ounce of the metal in a bar weighing between 350 and 430 troy ounces, which meets all of the required standards (as defined in section 5). Refiners of gold and silver have to satisfy the LBMA Good Delivery Rules that their bars meet the stringent requirements set by the Association, whilst refiners of platinum and palladium have to similarly satisfy the Rules set by the LPPM. The LBMA and LPPM accreditations are the internationally accepted standards of product and refinery quality. Full details of the requirements for joining the Good Delivery Lists of the precious metals can be found on the LBMA and LPPM websites. Where The standard delivery location of gold and silver is London – also known as Loco London. This is ultimately an account held with a clearing bank for precious metals and backed by metal held in a vault in London that forms part of the clearing system. (T
he role of London Precious Metals Clearing Limited – LPMCL – is covered in more detail in section 7). Generally, in the case of gold, metal in a predominantly producing centre (such as South Africa) will be at a discount to the London price, while that in a predominantly consuming country (India) will be at a premium to the London price. Loco London as a delivery location is the default for gold and silver, while for platinum and palladium, it is more nuanced and must be specified as to whether it is Loco London or Loco Zurich that is required. If not so specified, Loco London is the default location. When Delivery of currency and metal is effected two business days after the transaction date on the so-called ‘spot date’. Excluding public holidays, it means that a trade entered into on a Monday will settle on a Wednesday and a trade entered into on a Friday will not settle until the following Tuesday. However, while there must be two good London business days between trade date and spot, if a US holiday falls between the trade date and what would otherwise be the good spot date from the London holiday schedule, the US holiday is generally ignored. It is worth noting though that metal will not settle on US holidays. Sometimes it can be the case that certain institutions will prefer to have two clear business days in each of London and New York to ensure that there is sufficient time for both currency and metal to settle. Therefore, it is worth clarifying with the quoting institution to ensure that any possibility of confusion in minimised. Currency Precious metals are, by default, quoted in terms of US dollars per troy ounce. However, prices can generally be obtained against any freely convertible currency. The Price Bearing in mind the above conditions, the generic price quoted for a precious metal by the media almost inevitably will be for a troy ounce of the metal delivered Loco London, for gold and silver. In the case of platinum and palladium, whether the delivery location is London or Zurich should be specified, but if no location is noted, then the assumption is likely to be that the metal will be settled Loco London. The metal will be credited/delivered on the spot date in terms of US dollars and will also conform to the rules regarding Good Delivery bars. The Reference Based on the Loco London price, dealers can offer material of varying fineness, bar size or form (for example, grain/sponge) at premiums (or discounts depending on circumstances) to cover the cost of producing small, exact weight bars or bars of a fineness above (or below) the minimum 995 fine (in the case of gold). This holds true across all four precious metals that can then be shipped to destinations around the world at prices inclusive of freight and insurance. Equally, metal can also be quoted at a discount to the Loco London price should there be insufficient demand for gold kilobars in India, for example, or should bars not have been produced by a Good Delivery List refiner and, hence, need to be ‘upgraded’, and so on. Loco London or Loco Zurich? While gold and silver have always been predominately settled over accounts in London – so called Loco London trading –
traditionally, platinum and palladium have traded Loco Zurich – in other words, over accounts that were held at one of the then three large Swiss banks (Credit Suisse, Union Bank of Switzerland and Swiss Bank Corporation). However, following the merger of Swiss Bank Corporation and Union Bank of Switzerland (which formed UBS) and the substantial scaling back of the market presence by Credit Suisse, there has been increasing interest for the PGMs to trade as a predominately Loco London market. However, while most PGM market makers do solely quote for Loco London metal, between themselves, the picture is rather more nuanced for customer transactions. Thus delivery location should be specified prior to requesting any prices (for settlement over London or Zurich accounts) and, indeed, there may be a price difference between the two locations depending on market conditions. This differential should never get too out of line or be that long-lasting, as metal can be shipped between the two centres fairly simply and rapidly. layout/blocks/body/_media --> London skyline layout/blocks/body/_text --> Fineness For gold, the trading unit is one fine troy ounce, and for silver, platinum and palladium one troy ounce. The significance of this differentiation is that, in the case of gold, the unit represents pure gold irrespective of the purity of a particular bar, whereas for silver, platinum and palladium, it represents one ounce of material, of which a minimum of 999 parts in every 1,000 will be silver and 999.5 parts in every 1,000 will be platinum or palladium, respectively. Hence, fineness is a measure of the proportion of gold or silver in a bullion bar or platinum or palladium in a plate or ingot, and is expressed in terms of the fine metal content in parts per 1,000. It therefore defines the purity of gold or silver bars or platinum or palladium plates or ingots. Assaying The process by which fineness is determined. Benchmarks The prices of the four precious metals quoted in the media may also be the global benchmark precious metals prices (LBMA Gold, Silver, Platinum and Palladium Prices). This important topic is covered in more detail in section 11. The Metal not the Account Clearly, gold, silver, platinum and palladium are all traded metals. It is an important distinction that it is not unallocated or allocated metal that is traded, but the metal itself. The terms ‘allocated’ and ‘unallocated’ simply reflect the type of account over which the metal clears post trading of the underlying metal. These types of accounts are covered more fully in section 8. layout/blocks/body/_media --> Aqua Regia dissolution layout/blocks/body/_related --> 3. London Platinum and Palladium Market The London Platinum and Palladium Market (LPPM) is a trade association that acts as the co-ordinator for activities conducted on behalf of its members and other participants in the market Find out more 5. London Good Delivery – Gold and Silver As mentioned in the introduction, the Bank of England formally recognised those refineries that produced gold bars to the required standard in 1750 via the London Good Delivery List for gold Find out more Stay updated Register to access
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