Gold Fix Banks to Alter Century-Old Price-Setting Process

The banks conducting the century-old London gold fixing that’s used by miners and central banks to trade and value the metal are seeking to appoint an independent administrator in a revamp of the price-setting ritual.

The London Gold Market Fixing Ltd., which runs the procedure, said in a statement that the London Bullion Market Association will help with a request-for-proposals exercise for those wanting to run the fix, and that it’s seeking an independent chairman for the fixing firm. Deutsche Bank AG’s exit from the process this year as it scales back its commodities business left Societe Generale SA, Bank of Nova Scotia, HSBC Holdings Plc and Barclays Plc to conduct fixings.