NYSE owner ICE rolls out gold futures contract in London
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, has launched gold, silver, platinum and palladium futures contracts in London to build a local derivatives market in the world’s largest physical gold hub. London handles more than $180 billion a day in over-the-counter gold trading. Gold held in London vaults totaled 9,632 metric tons at the end of August, valued at about $1.4 trillion, according to the London Bullion Market Association. The move follows the London Metal Exchange’s closure of its gold futures contract in 2022 due to low trading activity, leaving New York as the dominant center for exchange-traded gold derivatives.