The LBMA gold price for bullion, bulk 24-karat gold closed on June 30, 2015 at $1,171 per fine troy ounce. As of March 20, 2015, the worldwide gold market consortium, London Bullion Market Association, replaced the phrase “London Gold Fix” with “LBMA Gold Price” for referencing purposes.
In March 2015, the London Bullion Market Association handed over operations of setting global gold prices to an independent third party, ICE Benchmark Administration. IBA also administers other market price benchmarks such as global interest rate swaps, commodities futures, daily electricity peaks and California carbon allowance futures. IBA sets worldwide gold prices twice each weekday through electronic auction.