“No Clear Evidence” of Gold Manipulation, Says FCA

Bloomberg reported that according to David Bailey of the UK’s Financial Conduct Authority (FCA), there is “no clear evidence” of manipulation during the London gold fix. That said, Bailey noted that it’s still possible that manipulation has occurred.

As quoted in the market news:

The [FCA] expects the industry to say whether the fixing complies with International Organization of Securities Commissions guidelines in the next month, he said.

The World Gold Council last month called for a meeting on July 7 for the industry to discuss changes to the price-setting mechanism. Intercontinental Exchange Inc. to the London Metal Exchange have proposed an alternative to the silver fixing that’s ending Aug. 14 as Deutsche Bank AG’s exit from the phone-based ritual as it scales back its commodities business would leave just two banks to set prices for that metal.

Click here to read the full Bloomberg report.