What the AM and PM Benchmarks Are
The LBMA Gold Price is administered by ICE Benchmark Administration. According to IBA's current documentation, gold auctions are scheduled for 10:30 and 15:00 London time on eligible London business days. Their final prices are published as the LBMA Gold Price AM and LBMA Gold Price PM.
The two values are observations from different times of day. They can differ when the underlying gold market changes between the two benchmark processes. The size and direction of that difference are not fixed.
How the Benchmark Process Works
Authorized participants submit buying and selling interest through an electronic process. The process continues under the applicable benchmark methodology until the conditions for publishing a benchmark price are met.
The number of rounds, duration, participants, tolerance rules, and publication arrangements can change. Current details should be checked through ICE Benchmark Administration rather than treated as permanent figures.
How AM and PM Values Are Used
Some contracts, funds, valuations, and accounting procedures refer to an AM or PM benchmark. The value that applies depends on the governing document, valuation policy, currency, timestamp, and data-licensing arrangement.
It should not be assumed that every ETF, central bank, producer, jewellery company, or physical-metal transaction uses the same benchmark. That can be confirmed only from the relevant contract or institution.
Benchmark Price and Continuous Market Prices
An official benchmark value is produced for a specified process and time. Spot quotations and futures prices can continue changing before and after that time. The values are therefore related market observations but are not interchangeable.
The benchmark should not be expected to remain within a fixed dollar amount of a spot quote. A comparison must identify the price source and timestamp used for both values.
Silver Benchmark
IBA's current documentation schedules the LBMA Silver Price auction for 12:00 London time on eligible London business days. It is a separate process from the gold AM and PM auctions, and its schedule, participation rules, methodology, and licensing terms may change.
What This Site Displays
The LBMA cards on this site use the lbma_gold_pm and lbma_silver fields supplied by Metals.dev. Although the field names contain "LBMA," this site does not certify or guarantee that either value is identical to the final published result of a particular official auction.
A vendor value may differ from an official benchmark because of its source, timestamp, price type, update schedule, or distribution method. The displayed card value should therefore not be used as the contractual settlement rate or as an official input for valuation, accounting, regulatory compliance, or legal documentation.
When an official benchmark is required, verify the applicable value through ICE Benchmark Administration or an authorized distributor and review the relevant licensing conditions.
Key Takeaways
- AM and PM values are produced at different scheduled times and need not be equal.
- The applicable benchmark depends on the relevant contract or valuation document.
- Participant lists and benchmark rules can change and should be checked officially.
- This site displays vendor-supplied LBMA-related observations, not certified auction results.
- Official benchmark data may be subject to usage and redistribution licensing; this site does not provide a licensed official benchmark feed.
Official References
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