Barclays Fined $55 Million Over Trader Who Manipulated London Gold Fix

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Gold Prices Going Up

Barclays PLC has been fined 26 million pounds ($43.8 million) for failures in internal controls that allowed a trader to manipulate the setting of gold prices, just a day after the bank was fined for rigging Libor interest rates in 2012.

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Britain’s Barclays is the first bank to be fined over attempted manipulation of the 95-year-old London gold market daily “fix,” although a source familiar with the fine said it was a one-off and not part of a wider investigation into gold price rigging, Reuters reported

The Financial Conduct Authority said on Friday there were failings at Barclays from 2004 until 2013, but the key event occurred on June 28, 2012, a day after UK and US regulators fined it $450 million over attempted Libor rigging.

With a decline of 2.3 percent to INR 41,000 ($698.95) per kilogram on Thursday, May 22, Indian silver recorded the biggest price drift of the day. Japanese silver ended the day at JPY 634.00 ($6.25) per 10 grams, after the 0.8 percent drop on Thursday. Chinese silver stayed flat at around CNY 4,155 ($666.38) per kilogram. The price of US silver showed little movement yesterday at $19.39 per ounce.

After improving for two days, the price of Indian gold bullion declined 1.3 percent to INR 27,188 ($463.49) per 10 grams. After falling for two days, the price of Japanese gold bullion rose 0.4 percent to JPY 4,229 ($41.69) per gram. Chinese gold bullion prices saw a 0.3 percent decline to CNY 259.65 ($41.64) per gram. At $1,292 per ounce, US gold bullion fell 0.2 percent yesterday.

Japanese platinum bar finished the day up 0.6 percent to JPY 4,825 ($47.56) per gram. Prices for US platinum bar have gained rising momentum since Friday, May 16. The metal settled at $1,473 per ounce after climbing 0.5 percent. After a couple of days of improving prices, the price of Chinese platinum bar held steady at CNY 313.00 ($50.20).

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The price of Chinese palladium bar increased 1.1 percent to CNY 190.00 ($30.47) per gram. At $826.00, the price of US palladium bar finished the market day up 0.4 percent per ounce. Japanese palladium bar saw little change in its price yesterday at JPY 2,687 ($26.49) per gram.

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