FCA reviews gold benchmarks in price fixing probe - reports

The Financial Conduct Authority is reviewing gold benchmarks as part of a probe into how global rates are set, according to reports.

A source quoted by Bloomberg said the regulator's investigation is at a preliminary stage and is not yet a formal review. A US derivatives regulator suggested reviewing how gold benchmarks are set earlier this year at a private meeting of the Commodity Futures Trading Commission, according to Bloomberg's source. The key benchmark in gold markets is the London gold fixing, which determines the spot price for physical gold and is set twice a day by a panel of five banks. The potential probe is the next in the list of investigations that followed the LIBOR-fixing scandal, where a numb...