Posted by Francis Koh on 20 Oct 2014

Platinum, palladium price-setting technology ‘optimum’ for gold: LME

On Thursday, the biggest industrial metals bourse announced it would run a replacement for platinum and palladium fixings in London beginning Dec. 1. Currently the procedure takes place each day at 9:45 a.m. and 2 p.m. by phone, and it is conducted by BASF Metals Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc. and Standard Bank Plc.

The LME’s new benchmark uses a purpose-built electronic platform that calculates the price based on buying and selling orders from market participants.

According to the LME’s spokeswoman quoted by the Metalbulletin, the gold market could benefit from the innovative price fixing system.

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Platinum, palladium price-setting technology ‘optimum’ for gold: LME

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Platinum, palladium price-setting technology ‘optimum’ for gold: LME

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