Gold (Au)

Gold is the quintessential safe-haven asset and store of value, traded on LBMA and COMEX. Physical gold is delivered as London Good Delivery bars (400 oz, 995+ fineness) or smaller bars and coins. Central banks, jewelers, and investors are the primary demand drivers.

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LBMA Good Delivery (995+)9999 Fine999 Fine22K (916)CIFCIPDAP
Quick Facts

Gold (Au) at a Glance

Common Origins
ChinaAustraliaRussiaUnited StatesCanada
Common Destinations
United KingdomSwitzerlandIndiaChinaUnited Arab Emirates
Grades & Specifications
LBMA Good Delivery (995+)9999 Fine999 Fine22K (916)
INCOTERMS
CIFCIPDAP
Unit of Measure
Troy Ounces
Price Drivers

What Moves Gold (Au) Pricing

Gold is priced off the LBMA Gold Price (London twice-daily auction) and the COMEX active futures contract. Drivers include real US Treasury yields (negative real-yield phases drive gold higher), DXY dollar index, central bank net buying (which has been historically high since 2022), ETF flows, and physical demand from India and China. Geopolitical risk premia spike in conflicts and sanctions episodes. The London-Shanghai-COMEX three-way arb determines physical flow direction.

Contract Structure

How Gold (Au) Cargoes Are Priced and Settled

Good Delivery bars are 400 troy oz (~12.5 kg), 99.5% min purity, on the LBMA approved refiner list. Smaller kilobars (1 kg, 99.99%) dominate Asian retail flows. Pricing is per troy ounce against AM/PM London Fix or COMEX settlement. Vault location affects premium — loco London versus loco Zurich versus loco Singapore differs by handling and freight.

Quality & Disputes

Gold (Au) Specifications and Dispute Practice

Disputes are rare in physical gold trade because LBMA Good Delivery and equivalent standards are tightly controlled. Issues that do arise: bar serial verification, refiner accreditation status, and chain-of-custody gaps that affect resale. ESG/conflict-gold concerns have become contractual riders.

Trade Flows

Where Gold (Au) Comes From and Where It Goes

Top mine producers: China, Russia, Australia, Canada, US, Ghana, Mexico, Peru, South Africa. Top refiners: Switzerland (Valcambi, MKS PAMP, Argor-Heraeus), South Africa (Rand Refinery), Singapore (Metalor, Heraeus). Top consumers (jewelry + investment): India and China dominate retail; central banks (China PBoC, India RBI, Türkiye, Poland, others) have been net buyers averaging 1,000+ tonnes/year since 2022.

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More in Precious Metals

Gold Dore Bars

Gold dore bars are semi-pure alloy bars produced at mine sites, typically containing 60-95% gold with silver and other impurities. They are shipped to LBMA-accredited refineries for processing into London Good Delivery bars. Dore pricing reflects a discount to refined gold for refining charges.

Silver (Ag)

Silver serves a dual role as both an industrial metal and a monetary asset. Industrial demand (solar panels, electronics, medical applications) accounts for over 50% of consumption. LBMA Good Delivery bars are 999+ fineness and weigh approximately 1,000 troy ounces.

Platinum (Pt)

Platinum is a rare precious metal used in automotive catalytic converters, jewelry, and hydrogen fuel cell technology. South Africa supplies over 70% of global platinum, making it geopolitically sensitive. LPPM Good Delivery bars weigh between 1 and 6 kg at 999.5 minimum fineness.

Palladium (Pd)

Palladium is a platinum group metal primarily used in gasoline vehicle catalytic converters, where it neutralizes harmful emissions. Russia and South Africa together account for over 75% of global production. Palladium has experienced significant supply deficits, driving prices to historic highs.

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