LBMA to consult market on gold auction during Asia time

The London Bullion Market Association (LBMA) will consult the market on the possibility of an additional gold auction to set a pre-morning price, LBMA officials said at its annual conference here on Monday, October 17.

The LBMA gold price auction currently takes place twice daily by ICE Benchmark Administration (IBA) at 10:30 and 15:00 London time with the price set in US dollars per fine troy ounce.

The consultation between the LBMA, IBA, Singapore Bullion Market Association (SBMA) and market participants will look at setting an additional price at 14:00 Singapore time.

No time line has been set for the initiative as this will depend on the feedback from and consultation between participants, LBMA officials said.

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