ICE Benchmark Administration will run the replacement for the 95-year-old London gold fixing, as benchmarks for other precious metals were overhauled this year.

Intercontinental Exchange Inc.’s IBA will provide a price platform, methodology and administer the procedure that now takes place by phone each day at 10:30 a.m. and 3 p.m., the London Bullion Market Association and ICE said today in statements.