[London Bullion Market Association Calls for UK to Revive Gold Futures Contract Plan] Peter Zoellner, the newly appointed chairman of the London Bullion Market Association (LBMA), has called for the revitalization of gold futures trading in the UK, despite previous failed attempts to establish derivative contracts within the $35 trillion annual global physical gold trading market. Zoellner stated that the earlier measures to launch gold futures contracts in London were implemented prematurely, but he added that having 'two or three highly liquid venues' would benefit the global gold market. He further noted that any decision would ultimately depend on the exchanges, which would design and list such products. Gold trading in London primarily occurs through bilateral 'over-the-counter' physical transactions, and there is currently a lack of a gold futures market. The London Metal Exchange (LME) introduced a gold futures contract in 2017, but the contract was discontinued after five years due to insufficient trading volume.