LBMA to scrap GOFO rates on January 30

The LBMA has announced that the gold forward offered (GOFO) rates will be scrapped next year, with the final rates to be published on Friday January 30, it said in a release on Thursday.

It had long been rumoured that GOFO would be discontinued, as International Organisation of Securities Commissions (IOSCO) regulation played an increasing central role in the setting of benchmarks, forcing some banks to become frustrated with the red tape that surrounds the process.

LBMA to scrap GOFO rates on January 30