The gold fix was the daily process that set a benchmark price for gold in London. It no longer exists under that name. The London Gold Fix ended after March 19, 2015, and the LBMA Gold Price replaced it from March 20, 2015. That benchmark is set by an electronic auction twice every business day. Many people still search for "London gold fix" and mean this benchmark.
TL;DR
- The London Gold Fix was a benchmark price for gold. It stopped after March 19, 2015.
- The LBMA Gold Price replaced it. It is set by an electronic auction at 10:30 am and 3:00 pm London time on business days.
- ICE Benchmark Administration (IBA) runs the auction, and the UK Financial Conduct Authority regulates IBA for that activity.
- The benchmark is not the live price. Spot, futures and the fix are three different numbers for related things.
- Gold trades almost around the clock on weekdays, so the fix is a reference point, not the only moment the price moves.
Table of Contents
- What the gold fix meant
- Why the fix ended in 2015
- How the LBMA Gold Price auction works today
- When the price is set
- Fix, spot and futures are different prices
- Does gold trade only when the price is fixed?
- Our perspective
- What this means for someone who trades gold
- Trading gold without watching the benchmark
- A short history of why benchmarks matter
- FAQ
- Sources
What the gold fix meant
In dictionary terms, a gold fixing is the procedure by which the price of gold is established, and also the price itself, especially as set daily in the London market. Both meanings appear in older articles. The price was often described as "the fix" in news reports, contracts and price tables.
The key idea is a single reference price. Many gold users need one number that both sides of a deal accept. Miners, refiners, dealers, central banks and funds all price contracts off a shared benchmark. That removes the need to negotiate a price in each deal. The LBMA describes the current benchmark as globally accepted for industrial contracts, averaging business, and cash-settled forward and option transactions.
The old London fix was run on a dedicated conference line among a small group of participants. That setup drew criticism over transparency, and the replacement was built to answer it.
Why the fix ended in 2015
The LBMA states that the London Gold Fix ceased after March 19, 2015. Documents written from March 20, 2015 should refer to the LBMA Gold Price instead. A contract that still says "London PM Fix" or "London AM Fix" is using old wording. In practice such references are read as the matching LBMA Gold Price auction.
The new benchmark is fully transparent and IOSCO compliant. IOSCO is the international body of securities regulators, and its principles set standards for financial benchmarks. The move changed the method, the platform and the administrator. It did not change the purpose: one trusted gold price.
How the LBMA Gold Price auction works today
The auction runs on the ICE trading platform. ICE Benchmark Administration administers it. The platform supports real-time order management, credit controls and compliance monitoring.
The steps are simple:
- A starting price is announced for the round.
- Participants enter, change or cancel buy and sell orders. Orders are stated in volume of gold, and each round lasts 30 seconds.
- When the gap between total buy and total sell volume falls within a set tolerance, the auction ends and the price is set. The LBMA gives that tolerance as 10,000 ounces of net volume.
- If volumes do not match closely enough, the price is changed and a new round starts.
The auction price is quoted in US dollars. It applies to unallocated gold delivered in London, according to the LBMA.
Who can take part
Auctions are centrally cleared, which lets a wider range of firms become direct participants. The LBMA notes that clearing was introduced in April 2017 to allow greater participation. More participants mean the price reflects a broader set of orders.
Who regulates it
IBA is a UK-based company and a wholly owned subsidiary of Intercontinental Exchange. It is authorized and regulated by the UK Financial Conduct Authority for the activity of administering a benchmark. The methodology document dated January 2026 states this.
When the price is set
The LBMA Gold Price is set twice every business day:
| Auction | London time | Common name |
|---|---|---|
| First | 10:30 am | LBMA Gold Price AM |
| Second | 3:00 pm | LBMA Gold Price PM |
The LBMA lists both auctions at 10:30 and 15:00 UK time. For a US reader, the offset depends on the season. The US and UK change their clocks on different dates, so the gap can be four or five hours for a short period each year. Check the offset before you plan around an auction.
The AM and PM labels follow the old fix names. The PM auction is the one most people quote as the daily reference, partly because it overlaps with US morning trading.
Fix, spot and futures are different prices
Most confusion comes from treating every gold price as the same number. They are not. Each describes something different.
| Price | What it is | How it is set |
|---|---|---|
| LBMA Gold Price | A benchmark for unallocated gold delivered in London | Auction, twice per business day |
| Spot price | The price for near-immediate settlement | Continuous quotes from dealers and trading venues |
| Futures settlement price | The official end-of-session price for a futures contract | Calculated by the exchange from trading in a defined window |
Spot versus the benchmark
Spot is a live, moving quote. The benchmark is a snapshot taken through an auction at a set time. The two usually sit close together because the same buyers and sellers are active in both. They are rarely identical, because the spot price keeps moving between and after the auctions.
Futures settlement
Futures are agreements to buy or sell gold on a future date. COMEX gold futures carry a daily settlement price. One trading-education source puts the settlement time at 1:30 pm ET, and notes it is based on trading in a window around that time, not one print. Futures usually trade a little above spot. A cost-of-carry explanation from a bullion dealer gives an example gap of $22.15 between spot and the front-month contract, driven by the timing of delivery. That gap is a feature of how futures are priced. It does not signal an error in either price.
Physical coins and bars
Dealers who sell coins and bars start from these reference prices and add a premium. The Royal Mint notes that gold works as a widespread global currency, which makes a fixed benchmark a tool for pricing physical bullion, digital gold and paper derivatives. Your retail price will be above the benchmark.
Does gold trade only when the price is fixed?
No. The auction sets a reference. It does not open or close the market. Gold trades through the week on global venues. COMEX futures on CME Globex run from Sunday evening to Friday afternoon, with a 60-minute break each day, according to CME Group. Over-the-counter spot trading follows a similar weekday rhythm across London, New York and Asian sessions.
So the answer to "does the gold price move 24 hours" is: on weekdays, nearly. It pauses over the weekend and during short daily breaks on some venues. Our guide to XAUUSD trading hours for US traders lays out the schedule by session. Our volatility study from 23 years of intraday data shows that some hours move far more than others, and the overlap of London and New York is a clear example.
The gold price also reacts to scheduled news. Read how news moves gold for the events that matter most.
Our perspective
We trade one instrument, XAUUSD, so benchmark questions matter to us. Our view comes from running a gold strategy, not from administering a benchmark.
A benchmark price helps hedgers, miners and central banks agree on value. ICE describes the benefit as a single transparent price that supports price risk management. A trader working in the spot market does not enter at the fix, though. Fills come at the live quote, with a spread and sometimes slippage. Those costs decide results more than the twice-daily benchmark does. We have written on XAU/USD spreads and slippage in gold trading for this reason.
The second point is transparency. The 2015 change shows that a market trusts a price it can inspect. We apply the same standard to our own results. Our strategy reports a claimed 80% win rate and 18 consecutive winning months, and the record is verified on MyFXBook. Anyone can inspect it before putting money in. Past results do not guarantee future results, and gold can move against any strategy.
— Paulo
What this means for someone who trades gold
A retail trader rarely needs the fix itself. Three practical points follow.
- Use the right reference. If a contract, report or statement quotes a price, check whether it is the LBMA Gold Price, a spot quote or a futures settlement. They differ.
- Expect different numbers on different screens. A broker's XAUUSD quote, a futures chart and the benchmark will not match to the cent. Timing, delivery date and venue explain the gaps.
- Plan around liquidity. Moves cluster around the London open, the benchmark auctions and the US session. Learn how a pip and a point differ on XAUUSD before you size a trade, since gold quotes do not follow the forex habit.
Gold also looks different to investors depending on the cycle. Our note on how the IMF and BIS reframe gold's safe haven role covers one current debate.
Leverage deserves its own caution. A small move in a price can become a large gain or loss in a leveraged account. Our guide to gold leverage and 2x exposure explains how to keep it controlled. Trading gold with leverage carries a risk of loss. Speak with a licensed financial adviser if you are unsure whether it suits your situation.
Trading gold without watching the benchmark
Some investors want gold exposure without following auctions, sessions and news calendars. Sonic AI is an auto-trading strategy built only for gold (XAUUSD). A managed, algorithm-driven system makes the trading decisions. The COPYX system copies the trades to a linked account automatically, so the user does not place orders by hand.
The cost is a profit-sharing model, and the performance fee page explains how it works. Live results are on the live performance page. To see how the service works and how to start, go to Sonic AI. Our guide to algorithmic gold trading covers the method in more detail. Copy trading carries risk, and you can lose part or all of the capital you deposit.
A short history of why benchmarks matter
Gold was priced through a small group of London participants for most of the twentieth century, and the fix became the market's common reference. The format suited a physical market centered in London. As electronic trading spread and regulators put more focus on benchmark integrity, a method with a conference line and few participants became harder to defend. The 2015 change gave the market an auction with a published method, a regulated administrator and a platform that records every order.
The methodology is public. IBA's document sets out how rounds start, how orders are handled and how the price is confirmed. Anyone who relies on the benchmark can read the rules, which is the main point of the reform.
FAQ
How are gold rates fixed?
The LBMA Gold Price is set by an electronic auction run by ICE Benchmark Administration. Participants enter buy and sell orders in 30-second rounds. The price is set once net volume is within the tolerance, which the LBMA gives as 10,000 ounces. Live spot rates are not fixed this way. They come from continuous quotes.
Is the London gold fix still used?
The London Gold Fix ceased after March 19, 2015. The LBMA Gold Price took over from March 20, 2015. People still say "London fix" or "London gold fixing price" out of habit, and they usually mean the LBMA auction price.
What time is the London gold price set?
The auctions start at 10:30 am and 3:00 pm London time on business days. Each is quoted in US dollars. US readers should convert the time, because the gap between London and the US East Coast changes when each country moves its clocks.
Does the gold price move 24 hours a day?
On weekdays, almost. Gold trades across London, New York and Asian hours, and CME gold futures stop only for a daily 60-minute break. The market closes for the weekend. The benchmark auctions are two reference points inside that continuous activity.
Sources
- LBMA Gold Price FAQs, LBMA
- Precious Metal Benchmarks, LBMA OTC Guide
- LBMA Precious Metal Prices, LBMA
- LBMA Gold and Silver Price, ICE Benchmark Administration
- Background to the IOSCO Principles, ICE
- LBMA Gold Price Methodology, ICE
- What is the Gold Fix?, The Royal Mint
- Gold Spot Price vs Futures, Money Metals
- Gold Futures Trading Hours, FORTRADERS
- Gold Futures and Options Fact Card, CME Group