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Start by identifying what each price represents
Before doing arithmetic, check whether a figure is a benchmark or spot quotation, a dealer’s selling price, or a dealer’s buying price. These answer different questions: a benchmark indicates a defined market quotation, while a retail quote is what a particular dealer charges to sell a product or offers to pay to buy it back.
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The LBMA explains that its gold and silver benchmarks relate to unallocated metal for delivery in London. They are not checkout prices for retail coins or bars. The benchmarks are administered by ICE Benchmark Administration. LBMA explains its daily auction prices; ICE describes the benchmark administration.
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Record the metal and price basis alongside every number. A gold benchmark should not be compared with a silver retail quote as though the figures described the same thing.
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Record currency, unit and timestamp
A price is incomplete for comparison unless you know its currency, weight unit and timestamp. The World Gold Council’s price data is expressed in currency units per troy ounce unless stated otherwise. Its methodology says local-currency values use an exchange rate from the relevant time, or as close to it as possible. See the World Gold Council gold price data and its price methodology.
Write down the timestamp and time zone, not merely the calendar date. Two displayed values from the same day may reflect different market moments, and a currency-converted figure may also use an exchange rate from a different time.
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Convert between troy ounces and grams
Precious metals are commonly quoted by the troy ounce, not the ordinary avoirdupois ounce used for many everyday goods. One troy ounce equals 31.1035 grams, according to the LBMA guide to the price.
- Price per troy ounce to price per gram: divide the ounce price by 31.1035.
- Price per gram to price per troy ounce: multiply the gram price by 31.1035.
For example, if a quotation is 1,000 currency units per troy ounce, the equivalent per gram is 1,000 ÷ 31.1035, or about 32.15 currency units per gram. This arithmetic changes the unit, not the underlying price basis or timestamp.
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Convert currency using a dated exchange rate
First establish how the exchange rate is quoted. If it gives target-currency units for one source-currency unit, multiply the source-currency price by that rate. For instance, if a price is 1,000 units of currency A per troy ounce and the applicable rate is 1.25 units of currency B per unit of A, the converted value is 1,250 units of B per troy ounce.
Keep the exchange-rate value, its quote convention and the time it applied with the converted price. Otherwise, a difference may come from using rates from different moments rather than a change in the metal quotation. The World Gold Council’s methodology describes local-currency conversion using the rate at the time, or as close as possible.
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Align the benchmark time before comparing
LBMA auction times differ by metal. Its current auction information lists the Gold Price at 10:30 and 15:00 London time, and the Silver Price at 12:00 London time. Both are set in US dollars per troy ounce; LBMA says sterling and euro prices are indicative for settlement. These schedules mean that gold and silver benchmark values should not automatically be treated as if set at the same moment. Check the LBMA auction information for the relevant details.
For comparisons between sources, use prices from equivalent times where possible. If that is not possible, label the times clearly and treat timing as a possible reason for a difference.
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Keep benchmark values separate from retail prices
A normalized benchmark tells you the value on its stated market basis. It does not tell you the amount a retailer will charge for a particular product or pay when buying it back. Physical bullion prices can include a premium above the live metal value; dealers may also deduct a premium on buyback. Smaller bars can cost more per unit of weight because manufacturing involves fixed costs. The Royal Mint price charts provide retail-price context, while the LBMA guide explains quotation basis and price conventions.
When comparing physical products, match product size and transaction direction as well as metal, currency, unit and time. Compare a dealer’s selling quote with another selling quote for an equivalent product, or a buyback offer with another buyback offer—not a retail sale price with a benchmark or a dealer’s purchase offer.
Use a like-for-like comparison checklist
Before drawing a conclusion, check each item below for both figures:
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- Price type: benchmark, dealer sell price or dealer buy price.
- Currency, including the exchange-rate convention and timestamp if converted.
- Weight unit, normalized to the same unit.
- Timestamp and time zone.
- For physical products: product size and whether the quote is to buy or sell.
If all these dimensions match and prices still differ, the remaining gap may reflect retail premiums or the benchmark’s market and delivery basis. Do not treat that difference as a currency or unit conversion error without checking the quotation details.
Use benchmark data with the right permissions
LBMA says its precious-metal benchmarks are administered by ICE Benchmark Administration. ICE states that a licence is required to use real-time or historical benchmark data in pricing, valuation, transactions and financial products. Explaining the public quotation conventions does not require reproducing a benchmark dataset; anyone publishing tables or time series should check the current terms. See LBMA’s precious-metal prices information and ICE’s benchmark information.
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