Definition
A benchmark price for gold set twice each London business day, used to value gold contracts and holdings around the world.
The story
It's set through an electronic auction at 10:30 AM and 3:00 PM London time, run by ICE (Intercontinental Exchange) Benchmark Administration on behalf of the LBMA (London Bullion Market Association). It replaced the London gold fix in March 2015, and some people still use the old name.
Why markets watch it
Central banks, miners, jewelers and funds use it as a reference price for gold deals.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms