22.01.2014 - Gold-price banks meet amid regulatory pressure
The five banks that set the benchmark price for gold are meeting Tuesday as they seek an external audit of the processes they use, according to a person with knowledge of the matter. The five have formed a steering committee to review the so-called "London fixings" amid intense regulatory scrutiny over possible manipulation of precious-metals prices. As spot gold is traded over the counter 24 hours a day and there is no central source for data on prices, each morning and afternoon in London a group of five market participants meets to determine a snapshot of the price, commonly known as the London fix...................................Full Article: Source