Loco

The place at which gold is physically held and to which a particular price applies. The prime example is loco London gold which means not only that the gold is held in London but also that the price quoted is for delivery there. Many banks and bullion dealers quote a loco London price automatically and many institutions keep part at least of their position loco London. International bullion houses located in Hong Kong make a parallel market in loco London gold to the Chinese Gold and Silver Exchange Society during trading hours there. The description does not apply exclusively to London. Gold may be quoted loco Zurich, New York, Tokyo (and considerable effort has been made to start a distinct market in loco Tokyo gold) or any other centre.