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Gold industry resistant to price benchmark replacement, hearing finds

Section: Daily Dispatches

By Clara Denina
Monday, July 7, 2014

LONDON -- Gold producers and consumers are resistant to a wholesale redesign of the existing price setting benchmark known as the "fix" despite increasing regulatory glare, a discussion held by the World Gold Council found on Monday.

The debate hosted by the gold mining industry group was attended by 34 delegates from investment funds, refiners, exchanges, and other industry bodies.

The four banks that currently set the globally used gold benchmark twice a day via a conference call -- Barclays, HSBC, Bank of Nova Scotia, and Societe Generale -- were not present, but the WGC said it had had meetings with them separately.

"There was no real view from anyone in the room that the gold fix should be abandoned and we should start redesigning it from scratch," WGC managing director Natalie Dempster told Reuters. ...

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