Financial Conduct Authority launches preliminary review into possible rigging of gold benchmarks
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.