The London Metal Exchange and technology firm Autilla joined forces on Wednesday to propose an electronic system for setting the global silver price benchmark as the deadline neared for replacing London’s century-old silver fix, Reuters reported.
The 117-year-old price benchmark, or fix, will come to an end on Aug. 14, operator London Silver Market Fixing Limited said in May, as regulatory scrutiny of price-setting intensifies across markets.
The London Bullion Market Association (LBMA) has consulted with market participants since May with the aim of producing a transparent electronic alternative to the conference call that complies with toughened regulatory standards. The LME and Autilla, run by former brokers and traders from some of the fixing banks, had originally presented separate proposals before banding together this week.
On Wednesday, July 9, Indian silver jumped up 2.4 percent, landing at INR 45,875 ($767.71) per kilogram and making it the day’s biggest increase. Chinese silver gained 0.2 percent to finish at CNY 4,310 ($695.02) per kilogram. US silver finished the day down 0.1 percent to $21.02 per ounce. At JPY 687.00 ($6.77) per 10 grams, the price of Japanese silver was essentially unchanged.
The price of Indian gold bullion increased 0.3 percent to INR 27,677 ($463.17) per 10 grams. Chinese gold bullion saw little change in its price on Wednesday at CNY 262.84 ($42.39) per gram. The price of Japanese gold bullion showed little movement on Wednesday at JPY 4,310 ($42.48) per gram. The price of US gold bullion remained steady at $1,320 per ounce.
Japanese platinum bar closed 0.5 percent lower at JPY 4,889 ($48.18) per gram. The price of Chinese platinum bar remained essentially flat at CNY 317.00 ($51.12) per gram. The price of US platinum bar held steady at $1,491 per ounce.
Chinese palladium bar saw its price rise 1.0 percent to CNY 195.00 ($31.45) per gram. At $869.00, the price of US palladium bar finished the market day up 0.5 percent per ounce. Japanese palladium bar held its value yesterday at JPY 2,860 ($28.19) per gram.