ICBCs role of LBMA gold fixing pricer marks an important leap of Chinas gold market towards globalization, and will further strengthen Chinas impact in global precious metal market.
The status of LBMA gold fixing pricer will help the Bank further expand its gold trading channels, optimize its business modes, accelerate product innovation and service upgrading, expand influence in the world precious metal market, and provide global customers with comprehensive financial services.
In April 2009, the average gold fixing
was set at $891.
The bank added that it has committed significant resources to enhancing its systems and controls in relation to the Gold Fixing
as well as in relation to other reference rates.
As has been acknowledged by the FCA, Barclays has committed significant resources to enhancing its systems and controls in relation to the Gold Fixing
, as well as in relation to other reference rates.
The ETF, which will provide the returns in yuan, will monitor the performance of the London Gold Fixing
Price in US dollars.
It is not yet known which of the gold benchmarks are the target of the review, but among the most important gold benchmarks in the London gold fixing
, which determines the spot price for physical gold and is set twice a day by a panel of five banks.
Until about three years ago, the gold fixings
took place at the premises of NM Rothschild and Sons, with each bank sending a representative.