LONDON BULLION MARKET: Price discovery and benchmark pricing

The London Bullion Market also plays a central role in global precious metals price discovery. Benchmark prices administered independently by ICE Benchmark Administration provide globally-recognised reference prices that are used throughout the precious metals industry.

For platinum and palladium, benchmark prices are established through electronic auctions held twice daily, at 9:45 a.m. and 2:00 p.m. London time. During these auctions, buy and sell orders are matched to determine a market-clearing price that reflects prevailing supply and demand conditions.

For investors, this process provides confidence that platinum prices are formed through a transparent, independent and robust mechanism supported by established market infrastructure. Combined with the market’s deep liquidity, trusted settlement system, and globally-recognised standards, Loco London remains the foundation of global wholesale platinum trading.