Gold Jumps 3% as LBMA Considers Moving Benchmark to Asia Hours

Gold prices surged nearly 3% on Monday, reaching a one-week high, as the London Bullion Market Association (LBMA) considers shifting its morning gold auction to an earlier time to better accommodate Asian market participants.

The LBMA is evaluating moving its 10:30 a.m. London gold auction earlier in the day to align with active Asian trading hours, according to a Bloomberg report. LBMA CEO Ruth Crowell stated that the market has requested this change for many years, aiming to improve price discovery during the Asian time zone. Currently, the benchmark is set twice daily at 10:30 a.m. and 3:00 p.m. London time, denominated in U.S. dollars. The potential shift could have significant implications for gold pricing dynamics, as Asia accounts for a growing share of global gold demand, particularly from central banks and retail investors.

For gold and precious metals traders, this development matters because the LBMA gold price is the world's most important bullion benchmark, used to settle contracts and value portfolios globally. A change in its timing could alter liquidity patterns and intraday volatility, especially during the overlap of Asian and European sessions. Live gold prices and charts on NowPrice show how the market is reacting to this news, with spot gold (XAU/USD) jumping to a one-week high. The move also reflects broader bullish sentiment, supported by expectations of a more accommodative Federal Reserve and ongoing central bank gold purchases.

Looking ahead, traders should monitor the LBMA's formal proposal and consultation timeline, as well as any feedback from major market participants. The shift could be implemented in phases, potentially affecting trading strategies for gold ETFs like GLD and futures contracts. Key levels to watch include the recent high near $2,400 and support at $2,300. Additionally, upcoming U.S. economic data, including inflation reports and Fed speeches, will provide further direction for gold prices.