The London Bullion Market Association calls on the UK to restart its gold futures contract plan.

Jin10 data reported on October 22, the new chairman of the London Bullion Market Association (LBMA), Peter Zoellner, called for a revival of gold futures trading in the UK, despite previous attempts to establish derivation contracts within the $35 trillion annual physical gold trading capital having ended in failure. Zoellner stated that previous measures to launch gold futures contracts in London were implemented too early, but he added that having “two or three places with good liquidity” would benefit the global gold market. He further noted that any decision would ultimately depend on the exchange, which would build and list such products. Gold trading in London is mainly conducted through bilateral “over-the-counter” physical transactions, and there is currently a lack of a gold futures market. The London Metal Exchange (LME) launched a gold futures contract in 2017, but the contract was closed after 5 years due to low volume.