LBMA Gold Price vs COMEX Gold Price: Why the Two Quotes Differ

“LBMA gold price” and “COMEX gold price” often appear side by side, both in US dollars per troy ounce. That shared unit makes them look interchangeable. They are not. One is a London benchmark produced at scheduled times; the other usually refers to a traded US gold futures contract whose price moves through most of the trading day.

The distinction matters whenever you compare regional gold prices. A difference between the two can reflect time, contract month, delivery location and financing—not just a shortage or an arbitrage opportunity.

What the LBMA Gold Price measures

The official LBMA Gold Price is a benchmark for unallocated gold delivered in London. ICE Benchmark Administration runs the electronic auction, while LBMA owns the benchmark. The gold auctions begin at 10:30 and 15:00 London time on eligible business days, producing the AM and PM values.

These are fixed-time benchmark observations, not a continuously updating retail quote. Official historical use and redistribution can also require an IBA licence. For that reason, this site labels its limited vendor feed as “LBMA-related” rather than presenting it as a complete licensed benchmark history.

What people usually mean by the COMEX gold price

In most market commentary, “COMEX gold price” means the price of a COMEX Gold futures contract, commonly the actively traded GC month. CME lists the standard contract at 100 troy ounces, quoted in US dollars and cents per troy ounce. It is physically deliverable under exchange rules, but most price comparisons concern the futures quote rather than an immediate purchase of a specific bar.

A futures price also has a contract month. When the most active month changes, a chart can move from one contract to another. That roll can create a visible step even when the underlying market is orderly.

Why the prices can differ

• Timestamp: an LBMA AM or PM benchmark is fixed at a scheduled London time; a COMEX futures quote may be taken minutes or hours later.
• Instrument: the London benchmark concerns unallocated loco-London gold, while COMEX is a dated futures contract.
• Location: London and COMEX-approved US depositories are not the same delivery point.
• Carrying costs: interest, storage and time remaining to delivery can affect a futures price.
• Contract selection: comparing the nearest contract with a later active month can change the result.

A fair way to compare LBMA and COMEX

First match the observation date and, as closely as possible, the time. Record whether the London value is AM or PM and identify the exact COMEX contract month. Keep both in USD per troy ounce, then calculate the simple percentage difference:

(comparison price − reference price) ÷ reference price × 100

The result describes those two observations only. It is not automatically a tradeable premium. A real transaction would also involve bid-ask spreads, brokerage, financing, bar eligibility, transport, insurance, taxes and settlement timing.

How this site handles the comparison

GoldSilver Tracker uses its available COMEX-related gold value as the benchmark for regional premium calculations. The LBMA-related field comes from a data vendor and may not equal the official AM or PM auction result. Each card and chart must therefore be read with its source label and timestamp.

If you need a contractual or accounting benchmark, verify the official value with IBA, LBMA or an authorised distributor. This site is designed for comparative research, not for determining a settlement amount.

Official references

• LBMA — Precious Metal Prices
• LBMA — Precious Metal Benchmarks
• CME Group — Gold Futures Contract Specifications