FCA Launches Gold Benchmark Rigging Review

November 20, 2013 at 09:36

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Britain’s financial regulator is looking into whether gold benchmarks could have been rigged.

The Financial Conduct Authority has launched a preliminary review into the issue, a person familiar with the matter has said.

It is not yet known which gold benchmarks are under scrutiny, but among the most important is the London gold fixing, which determines the spot price for physical gold and is set twice daily by a panel of five banks.

The review adds to the list of financial benchmarks being investigated for suspected rigging by regulators around the world in the wake of the Libor-fixing scandal, which implicated a number of banks in fixing a key interbank lending rate.

A spokesman for the FCA declined to comment.