March 24, 2020 / 4:50 PM / 4 days ago

Volatility in New York gold prices impacting liquidity in London - LBMA

LONDON (Reuters) - The London Bullion Market Association (LBMA) said on Tuesday that price volatility in gold futures on the Comex exchange in New York had hit liquidity in the London market.

London spot gold prices XAU= on Tuesday dropped as much as $70 below March futures on Comex as shutdowns of air travel and refineries caused traders to worry about their ability to access gold in London to settle Comex trades.

The LBMA, which oversees the London market, said it had offered its support to CME Group (CME.O), which operates Comex, to facilitate physical delivery in New York.

It said it was “working with Comex and other key stakeholders to ensure the efficient running of the global gold market.”

Reporting by Peter Hobson; Editing by Edmund Blair

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