The London Bullion Market Association (LBMA) is the global authority that sets the rules and standards for trading physical gold and silver. It oversees responsible sourcing, quality control, compliance, and the accreditation of refiners and vaults.

The London Bullion Market is the world’s largest over-the-counter (OTC) market for physical bullion, where banks, refiners, bullion dealers, and institutional buyers trade large volumes of gold and silver directly with each other, 24 hours a day.

Trades typically involve LBMA Good Delivery bars, which meet strict standards of purity, weight, origin, and responsible sourcing. These bars circulate only within LBMA-approved vaults to guarantee authenticity and integrity.

Importantly, the LBMA also publishes the official LBMA Gold Price benchmark twice a day — at 10:30 and 15:00 London time. This pricing, known as the “gold fixing,” is used worldwide as the primary reference for valuing and settling gold transactions. Similar benchmark pricing exists for silver and other precious metals.

In short:
The LBMA defines the global standards for gold and silver, sets the world’s key pricing benchmarks, and the London Bullion Market is the professional marketplace where these standards and prices are applied in real-world trading.