A PYMNTS Company

Global: Gold fix in limbo after benchmark rigging claims

By  |  July 8, 2014

The World Gold Council is exploring ways to overhaul the gold benchmark setting process as rigging claims plague the London Gold Fix.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    According to reports, WGC managing director Natalie Dempster spoke Monday at a convention to discuss overhauls to the method of setting the gold fix,; reports say 34 delegates of various financial industries were in attendance.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    ”We are at the start of a process that will lead to a reformed and modernized gold benchmark which attracts a broader range of market participants,” Dempster said.

    While analysts says there is a need for an overhaul, some analysts say the price of gold could rise as a result.

    Barclays, which is one of three banks that now set the benchmark, was fined earlier this year by UK authorities after a former trader pleaded guilty to attempting to manipulate the benchmark.

    The fix was further disrupted when Germany’s Deutsche Bank pulled out of the panel of banks that sets the price.

    Full content: China Post

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.