Gold Fix Drawing Scrutiny Amid Knowledge Tied to Eruption

Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. The U.K. Financial Conduct Authority is scrutinizing how prices are set in the $20 trillion gold market, according to a person with knowledge of the review who asked not to be identified because the matter isn't public. The London fix, the benchmark rate used by mining companies, jewelers and central banks to buy, sell and value the metal, is published twice daily after a telephone call involving Barclays Plc (BARC), Deutsche Bank AG (DBK), Bank of Nova Scotia, HSBC Holdings Plc (HSBA) and Societe Generale SA. (GLE) Just after the fixing begins, trading erupts in gold derivatives, according to research published in September.



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