Collusion in setting gold prices was possible but there is no evidence it happened, a senior British markets regulator said today, as reported by Reuters London.
“It is possible but I have no clear evidence that has actually happened,” David Bailey, head of markets infrastructure and policy at the UK’s Financial Conduct Authority (FCA), told lawmakers.
The FCA is one of several regulators from across the world who have fined 10 banks and brokerages $6 billion for rigging the London Interbank Offered Rate or Libor, a widely used interest rate benchmark.
The British watchdog is also probing the $5.3 trillion a day foreign exchange gold market for possible manipulation.
“All benchmarks I think are susceptible to people attempting to manipulate them. They are susceptible to a variety of conflicts of interest,” Bailey said.
Decreasing 3.2 percent made Indian silver the biggest mover of the day, finishing at INR 44,315 ($737.78) per kilogram on Tuesday, July 1. The price of Chinese silver increased 0.5 percent to CNY 4,310 ($694.66) per kilogram. Japanese silver prices rose 0.4 percent to JPY 683.00 ($6.74) per 10 grams. After a 0.4 percent increase, US silver finished the day at $20.96 per ounce.
Japanese gold bullion saw its price rise 1.0 percent to JPY 4,327 ($42.71) per gram. Indian gold bullion gained 0.9 percent to finish at INR 27,950 ($465.32) per 10 grams. US gold bullion finished the day up 0.7 percent to $1,327 per ounce. Chinese gold bullion prices inched up 0.7 percent to CNY 264.30 ($42.60) per gram.
At JPY 4,851 ($47.89), the price of Japanese platinum bar finished the market day up 0.4 percent per gram. After a 0.3 percent increase, Chinese platinum bar finished the day at CNY 315.00 ($50.77) per gram. US platinum bar saw little change in its price on Tuesday at $1,482 per ounce.
The price of US palladium bar declined 0.6 percent to $840.00 per ounce, after two days of improvement. The price of Chinese palladium bar increased 0.5 percent to CNY 188.00 ($30.30) per gram. Japanese palladium bar prices inched up 0.1 percent to JPY 2,760 ($27.24) per gram.