World Gold Council: Gold fixing benchmark to be changed

The gold industry will discuss changes to the century-old gold fixing benchmark that is used by mining companies to central banks to trade and value the metal. Banks to refiners to exchanges were being invited by the World Gold Council to meet next month in London to talk about reforming the rate set daily by four banks, the industry group said yesterday. The UK’s Financial Conduct Authority will attend as an observer. The gold fix is set twice a day – morning and afternoon – on a call between Société Générale, Bank of Nova Scotia, HSBC Holdings and Barclays. – Bloomberg