LONDON, June 18 Industry group the World Gold
Council announced a plan on Wednesday to reform gold's global
reference price, or "fix", to switch to using actual trades
instead of quotes.
The first meeting of bullion banks, refiners, central banks
and mining companies will be held on July 7 in London, it added
in a statement.
"The fixing process was established almost a century ago, so
it is not surprising that it needs to change to meet today's
market expectations for enhanced regulation, transparency and
technology," said Natalie Dempster, managing director of central
banks and public policy at the council.
The council said the reformed fix must be based on executed
trades rather than quotes and should be a tradeable price, not a
(Reporting by Eric Onstad; Editing by Pravin Char)