The LMEprecious reference prices provide intra-day LME Gold and LME Silver spot price points to support the precious metals market in managing their price risk throughout the trading day, aligned with periods of peak liquidity.
LMEprecious reference prices are calculated three times a day (London time):
*All times are London times
LMEprecious reference prices are discovered through the volume-weighted average price (VWAP) of transactions that take place on LMEselect during two-minute VWAP windows at the three specified times each day. The price discovery methodology is in line with the process for establishing the LMEprecious Closing Prices, as set out in section 5.7 of the LME Rulebook.
These reference prices are for spot (T+2 ) only, as the LME Gold and LME Silver contracts have liquidity principally focused on the spot contract, which supports spread trading out to all monthly dates.
The LMEprecious Closing Prices are determined at 18:30. These prices are used for daily settlement and margining purposes, and provide forward curves out to five years for both LME Gold and LME Silver.
The prices are disseminated as a market message on LMEselect, available via the GUI and FIX. Prices will then be published on their respective pages for both gold and silver and are available for market participants to use free of charge.
The prices will be published on each trading day, beginning on 29 August 2017.