London gold price benchmark breaks all-time high, LBMA says

(Reuters) – London’s gold price benchmark hit an all-time high of $2,069.40 per troy ounce at an afternoon auction on Wednesday, surpassing the previous record of $2,067.15 set in August 2020, the London Bullion Market Association (LBMA) said.

“I can think of no clearer demonstration of gold’s role as a store of value than the enthusiasm with which investors across the world have turned to the metal during the recent economic and geopolitical turmoils,” said LMBA’s chief executive officer Ruth Crowell.

LBMA is a leading bullion trade body that certifies gold refiners, allowing them access to London’s bullion market, the world’s largest. The LBMA Gold Price is the global benchmark price for unallocated gold delivered in London.

The London gold price opened the year on Jan. 3 at $1,835.05 and has since risen by 12.7%, LBMA said. Since the turn of the century, the price has increased more than seven-fold.

In the spot market, gold prices hit their highest in more than three weeks in anticipation of U.S. interest rate cuts next year. [GOL/]

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by David Gregorio)