London is the world’s leading gold trading and settlement centre, as well as the world’s largest and oldest gold market. On each trading day, the London Bullion Market Association’s five largest gold dealers set the market price of gold for that day. Unlike other gold markets, it only provides a single quote for traders in the market to buy or sell gold. This price is also used by producers, consumers and central banks as a reference median price. The London gold market is the London gold trading market, and the biggest feature is that there is no fixed exchange. Since there is no physical trading venue in London, London gold trading is mainly done through the over-the-counter form – electronic trading system, which can be bought and sold anytime and anywhere.