strong support for gold market reform
Last Updated : GMT 04:16:38
Arab Today, arab today
Arab Today, arab today

Strong support for gold market reform

Arab Today, arab today

Arab Today, arab today Strong support for gold market reform

The World Gold Council
London - AFP

The World Gold Council, an influential industrial body, said Monday there is "strong support" for its plan to reform a century-old method of setting the price of gold in London.
"There was strong support for the World Gold Council’s key principles for reform," senior WGC official Natalie Dempster said in a statement after a meeting here to discuss changes.
“We are at the start of a process that will lead to a reformed and modernised gold benchmark which attracts a broader range of market participants," added Dempster, whose official title is managing director, central banks and public policy.
She spoke after the WGC convened a debate on how to modernise the so-called London Gold Fix. A total of 34 delegates representing all sectors of the industry attended, including central banks, bullion banks and trading exchanges.
Among the key points in the discussion is "the need for a single, trusted, benchmark reference price," the statement said.
London's Gold Fix, the global benchmark, affects the flow of billions of dollars worldwide every day. But it has been tainted by a rigging scandal and attacked by critics as old-fashioned.
Analysts believe that the market price of gold, which is driven by investment and jewellery demand, could climb as a result of an overhaul.
The benchmark gold price is set by four banks at 10:30 am London time (0930 GMT) and 3:00 pm, via teleconference.
The banks -- Britain's Barclays and HSBC, Canada's Scotiabank and Societe Generale of France -- are all members of the Gold Fixing Company and agree the price twice daily. Germany's Deutsche Bank pulled out of the panel earlier this year.
The process begins with the so-called spot price of gold, which is based on the current market rate of contracts for physical delivery of the metal.
The four banks must then declare whether they are interested in buying or selling at this level. The price can fluctuate depending on the balance of supply and demand, and settles on a "fixing".
The system lurched into crisis this year when Barclays was fined more than £26 million ($45 million, 33 million euros) by British regulators after a ex-trader at the troubled bank admitted attempting to manipulate the gold price.
The gold market remains subject to volatility as the metal is often seen as a haven investment in times of geopolitical uncertainty.
In recent weeks, violence in Iraq has sent traders fleeing to gold.
Gold jumped last week to a 3.5-month spot price high of $1,334.06 per ounce on the London Bullion Market.
Prices had rocketed to an all-time peak of $1,921.15 per ounce in September 2011 on fears of a fresh global recession amid the raging eurozone debt crisis.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

strong support for gold market reform strong support for gold market reform

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

strong support for gold market reform strong support for gold market reform

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday