LONDON -- London's gold price benchmark fixed some $12 below the spot price on Tuesday afternoon as the auction appeared to become locked in a downward spiral.
From an initial $1,265.75, close to the spot price at the time, the auction price ratcheted steadily lower before fixing at $1,252.90 in the ninth round. From the fifth round to the eighth the bid and offer volumes remained frozen, unable to match.
Data on the website of the auction's administrator, Intercontinental Exchange, showed that only five banks took part in the auction on Tuesday afternoon, out of 14 officially accredited participants. ...
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