The London gold market is one of the two main contributors to gold price discovery globally. The market is the world’s centre for wholesale OTC gold trading, with every major bullion bank represented. London has the world’s highest gold trading volumes, and gold market participants around the world settle trades through London using the loco London gold trade settlement concept. London is also unique in hosting the twice daily LBMA Gold Price auction which is used as the de-facto global gold price benchmark for pricing transactions in gold markets and gold products around the world.