LBMA, Shanghai Gold Exchange agree on 9999 gold bar grade

London Bullion Market Association (LBMA) and the Shanghai Gold Exchange (SGE) have agreed on a standard specification for the market's highest grade of gold bars, in a move to make global trading more efficient, the LBMA said on Wednesday. Both organizations have recognized the specifications for 9999 gold kilobars, which have a minimum acceptable fineness of 999.9 parts per thousand fine gold, it said.
Joint recognition of the quality will help business in China and other markets where 9999 gold is traded, it said. The grade will include existing refiners' current production, including all SGE and LBMA accredited refiners, it said. It also streamlines the information on certificates of analysis to focus on the critical information required, it said. The SGE has four grades of gold, ranging from the highest grade with 99.99 percent gold fineness to the lowest with 99.5 percent. The LBMA requires gold bars to have at least 995.0 parts per thousand fine gold to be accepted in the London bullion market and included on its Good Delivery List.