ICE Bows New London Gold Price Benchmark Model

Officials say new auction model will bring greater transparency to benchmark gold price.

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Pricing is in US dollars, though users can settle orders in dollars, euros or pounds sterling.

"Following Friday's transition, the LBMA Gold Price benefits from improved transparency with all auctions now taking place on WebICE.... Importantly, house and client orders can be segregated on WebICE and all participants, including end clients, can view and manage their own orders on-screen from anywhere in the world," says Finbarr Hutcheson, president of ICE Benchmark Administration.

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