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Goldman and UBS join new gold pricing, no Chinese banks yet ― RT Business

Goldman Sachs and UBS joined the four existing members of the century-old London Gold Fix in the new London Bullion Market Association (LBMA) Gold Price electronic replacement, LBMA said. China, the world’s largest consumer of gold, has been snubbed.

Goldman and UBS joined Barclays, HSBC, Bank of Nova Scotia and Societe Generale, as participants in the new London Bullion Market Association Gold Price benchmark, LBMA reported on Friday. The first LBMA Gold Price settled at $1,171.75 an ounce under the new system. The electronic gold price replaced a system unchanged for nearly a century.

‘New gold fix may invite more players into market’ ― RT Op-Edge