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China: Shanghai gold victim of price-fixing

By  |  August 13, 2013
China: Shanghai gold victim of price-fixing

China’s National development and Reform Commission issued a fine of about $81,000 to give jewelry companies and the city’s Gold and Jewelry Trade Association for manipulating gold prices, say reports. Each of the firms was fined the equivalent of 1 percent of their annual sales. While further details were not disclosed as to the exact matter of the jewelry and gold price-fixing, the fines do follow recent reports that Chinese regulators would step up the fight against price manipulation following a major infant formula price-fixing case.

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