A price with a reference point | Canvas of Knowledge

Why name the price?

Two people discussing the gold price may mean different things: a dealer’s current bid, an exchange-traded futures quote, a jeweller’s offer or a published benchmark. The LBMA Gold Price is an established reference for gold delivered in London. It is independently administered by ICE Benchmark Administration. Naming the benchmark makes the reference more precise, but a reader still needs its date, currency and unit. Without that context, even an accurate number can be misleading. [1]

An auction with a defined process

Gold auctions are scheduled to begin at 10:30 and 15:00 London time on publication days. Their price formation takes place in US dollars. The process uses rounds to bring buying and selling interest within the permitted imbalance threshold, after which the final auction price becomes the benchmark. Because the number of rounds can vary, the start time is not a guaranteed publication time. A label such as AM or PM identifies the relevant daily setting. [2]

A reference is not a retail offer

A benchmark records the result of a specified wholesale process; it does not compel every dealer to offer that price to every customer. A retail coin or jewellery item adds a different product, transaction size and cost structure. A live quotation can also change after an auction has finished. Comparing the numbers is meaningful only after comparing what each number represents. This is the same discipline used when separating a metal value from the full cost of purchase. [1] [3]

Time zones can hide a difference

London time matters because the UK changes its clocks seasonally. A fixed UAE equivalent would therefore be wrong for part of the year. Holiday calendars and publication schedules matter too. For a historical comparison, use the appropriate benchmark date and setting rather than substituting an unrelated quote from a different moment. The useful habit is simple: identify the source, time, currency, unit and product before drawing conclusions from a price difference. This page displays no live gold prices. [2] [4]

FOLLOW THE EVIDENCE

Sources & further reading

Sources checked 14 November 2026. The artwork is illustrative. Reference organisations do not endorse this website. Financial examples are educational, not investment recommendations.