Stats › Intraday and market microstructure › Gold auction
The gold price is set in 30 second rounds by 15 firms
| Parameter | LBMA Gold Price | LBMA Silver Price |
|---|---|---|
| Auction times, London | 10:30 and 15:00 | 12:00 |
| Round length | 30 seconds | 30 seconds |
| Imbalance tolerance | 10,000 oz | 500,000 oz |
| Non-standard imbalance cap | 4,000 oz per direct participant | 1,000,000 oz |
| Minimum allowable price move | USD 0.05 | USD 0.001 |
| Minimum order | 1 oz | 1,000 oz |
| Maximum single order | 100,000 oz | 1,000,000 oz |
| Underlying | Spot loco London gold, unallocated | Spot loco London silver, unallocated |
| Direct participants listed by ICE | 15 | 14 |
| Indirect participants listed by ICE | 5 | 5 |
| Administered by IBA since | 20 Mar 2015 | 2017 |
| Decimals published | 2 | not stated in the document read |
Sources: ICE Benchmark Administration gold auction specification (January 2026), ICE's precious metals methodology annex (January 2026), ICE's document on the administration of the LBMA Silver Price, and the ICE participant list read 3 Aug 2026. The silver figures come from ICE's transition document rather than a standalone silver specification, so treat them as slightly less firm than the gold ones.
The LBMA Gold Price is an auction outcome, run at 10:30 and 15:00 London by ICE. Rounds last 30 seconds and stop when buying and selling are within 10,000 ounces, with any leftover shared among the 15 direct participants. Gold ETFs settle off it.
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