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"Reference prices are [an] important component of the precious metals markets"

A London-based bullion broker has started publishing the London Metal Exchange gold and silver reference prices on its website to help the precious metals market manage price risk throughout the day.
"Reference prices are [an] important component of the precious metals markets" "Reference prices are [an] important component of the precious metals markets" "Reference prices are [an] important component of the precious metals markets" "Reference prices are [an] important component of the precious metals markets" "Reference prices are [an] important component of the precious metals markets"

Gold and silver prices updated three times a day

Staff reporter

The "LMEprecious" reference prices provided intraday spot price points, and are calculated three times a day, using the volume-weighted average price of transactions that take place on LMEselect during two-minute VWAP windows at those specified times.

Sharps Pixley CEO Ross Norman said the reference prices were an important component of the precious metals markets, which derived validation from excellent methodology, high levels of transparency and quality trade flows.

"We believe the LMEprecious reference prices meets those objectives and as such are gaining credibility within the bullion market," he said.

According to the table, yesterday's gold reference price was US$1,316.70 an ounce in the morning, down slightly to $1,315.70 at midday, then rose to $1,321.60.

Silver followed a similar pattern, changing from $16.30/oz, to $16.26 then reaching $16.42.

LME head of precious metals Kate Eged said the exchange was delighted to have its reference prices published on the site.