Intercontinental Exchange launches four major precious metals futures in London, vying for global pricing power and the derivatives market.

Reportedly, ICE has officially launched daily precious metals contracts in London linked to the daily auction price. In addition to gold, the contracts also provide full coverage of silver, platinum, and palladium. This is the latest attempt to introduce precious metals derivatives in the global physical bullion trading hub, aiming to enhance market transparency through a centrally cleared model and to compete head-on with international giants such as CME Group. Full product coverage: This week in the London market, ICE not only launched gold futures contracts but also simultaneously introduced silver, platinum, and palladium contracts. Directly linked to the auction price: The pricing basis of these contracts is highly unusual, as they are directly linked to the daily physical auction price operated by ICE itself in the City of London. This means the price formation of the contracts is closely tied to London's status as the global spot pricing benchmark. Tenor and clearing structure: The new contracts range from single-day to six months forward, and all are centrally cleared through ICE's London branch. It is worth noting that this clearing branch also manages the global oil price bellwether - the Brent crude oil futures contract.