Most LBMA refineries using gold database, the association says
Most gold refineries accredited by the London Bullion Market Association (LBMA) are now providing data to a digital platform launched in January to increase transparency in the industry, the association's head said.
The LBMA oversees London's over-the-counter gold trading hub, the world's largest. Its "good delivery" list currently includes 66 gold refiners and 83 silver refiners worldwide that must source metal responsibly to access the London market.
The association's Gold Bar Integrity Database holds data submitted by refiners.
"We're in a very good place on the pickup," Ruth Crowell, the LBMA's CEO, said of the database. "We have 85% of refiners on board now."
The LBMA aims to have all its approved refiners using the database before the end of this year.
The push for disclosure was timely given record gold prices amid turbulence on financial markets had stoked demand for the precious metal, Crowell told Reuters on Wednesday on the sidelines of a responsible mining conference at the Organisation for Economic Cooperation and Development in Paris.
"I would say higher gold prices attract all investors, including the nefarious. Therefore, it's more important than ever to be embracing LBMA standards when it comes to responsible sourcing," she said.
An important challenge was to ensure more supply from artisanal and small-scale mining goes into regulated gold markets instead of illicit trade, she said, citing plans by top African producer Ghana to buy gold from small mines for its reserves.
Spot gold prices hit a latest record high last month at $3 500 per ounce. Some analysts expect fresh peaks at $4 000 or higher as geopolitical and market turmoil fuelled by US President Donald Trump's tariff offensive sustain interest in gold as a safe-haven investment.
There had been flows of physical gold from Europe towards the United States as traders anticipated US import levies, but that trend has reversed after gold was exempted from tariffs.
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