ICE Sets Date for New London Gold Price

Officials say increased participation will ehnance the benchmark's reliability.

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The new process will involve a physically settles, electronic and tradeable auction covering US dollars, euros and British pounds sterling, whereby ICE Benchmark Administration will calculate the imbalance of aggregate gold bids and offers in real time, and will update the benchmark price every 30 seconds, and distribute the data via ICE's WebICE front-end interface.

The LBMA appointed ICE to administer the new pricing mechanism in November.

Finbarr Hutcheson, president of ICE Benchmark Administ

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