The London Bullion Market Association (LBMA) launched its new LBMA Gold Price this Friday, replacing the London Gold Fix, the standard global pricing medium that has been used for over a century.
The Intercontinental Exchange (ICE) Benchmark Administration will be operating the auction process, and the new price fix could potentially provide a better reflection of China's high gold demand than the London Gold Fix has in years past.
More Participants Means More Accurate Pricing
The London Gold Fix, which will now be discontinued, took into account only four participants. This relatively small sample size left ...
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