Is the gold market rigged?

Barclays has been fined £26m after one of its traders manipulated the gold fix. Is it time to overhaul the price-fix system and what are the alternatives? Simon Wilson investigates.

What’s happened?

Barclays has been fined £26m after one of its traders manipulated the 'gold fix' – the twice-daily process whereby a panel of London bankers sets an agreed benchmark gold price – to avoid paying out $3.9m to one of its customers on a complicated options deal that was tied to the benchmark price.

Daniel Plunkett, 38, a former director on Barclays’ precious metals [...]

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