LBMA Mulls Earlier London Gold Auction to Align with Asian Trading Hours

The London Bullion Market Association (LBMA) is evaluating a shift of its morning gold price auction to an earlier time. The proposed adjustment aims to “reflect and to allow price discovery within the Asian time frame,” according to LBMA Chief Executive Officer Ruth Crowell. No specific new time or implementation schedule has been disclosed. The LBMA Gold Price is currently set twice daily at 10:30 a.m. and 3:00 p.m. London time, in U.S. dollars on an electronic platform.

Bloomberg

London’s daily gold pricing auction began in 1919, with a second, afternoon session added in 1968 to accommodate growth in the United States market. The current benchmark replaced the former London Gold Fix, a telephone-based system discontinued in 2015.

Bloomberg

Ruth Crowell, who leads the LBMA, presented the proposal at the Asia-Pacific Precious Metal Conference in Singapore. She described the change as “something that I know the market has asked for for many years, but I think it comes at the right time,” emphasizing the association’s responsiveness to longstanding market demand.

Bloomberg

The LBMA’s consideration reflects the growing weight of Asian demand in the global bullion market. Asian traders, operating several hours ahead of London, have signaled a need for price discovery that aligns with their trading windows. Gold’s heightened profile—driven by geopolitical tensions, trade uncertainties, and the recent US-Iran conflict—has amplified its safe-haven appeal, with spot prices reaching a record high earlier this year before retreating after the outbreak of the war.

Bloomberg

Crowell’s remarks at the Singapore conference highlighted both market demand and timing. The LBMA has not announced a definitive schedule for any change, indicating that the proposal remains under review.

Bloomberg

Sources do not provide the exact earlier time under consideration, nor a timeline for implementation. The absence of these details leaves the precise impact on market participants uncertain.

Bloomberg

• “to reflect and to allow price discovery within the Asian time frame,” — Ruth Crowell, LBMA Chief Executive Officer

Bloomberg

• “something that I know the market has asked for for many years, but I think it comes at the right time,” — Ruth Crowell, LBMA Chief Executive Officer

Bloomberg

While the LBMA has signaled intent, it has not set a date for adopting an earlier auction. Stakeholders will monitor forthcoming announcements to assess how the change, if enacted, will integrate Asian trading cycles into the global gold pricing framework.

Bloomberg