For daily gold prices, we will rely on the London gold fixing
, which represents the process of setting the price for gold, twice for each business day, by the members of The London Gold Market Fixing.
The five banks who oversee the so-called London gold fixing
-- Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale SA -- have formed a steering committee that's seeking external firms to advise how the process could be improved, according to the person, who asked not to be identified because the review isn't public.
The ETF, which will provide the returns in yuan, will monitor the performance of the London Gold Fixing
Price in US dollars.
It tracks the price of gold calculated using the London Gold Fixing
Price set in US dollars on each trading day.
Since 1919, pricing companies of the market have been issuing the London gold fixings
twice a day, which are widely adopted as the standard gold price.