London Gold Market Fixing Ltd, the company operating the century-old global price benchmark known as the "fix", said it is seeking a third party to take over administration of the process, possibly signalling a move to an electronic platform.

The company, working on behalf of gold fixing banks Barclays, HSBC, Societe Generale, and Bank of Nova Scotia, said it had launched a request for proposal (RFP) process with a view to appointing a new administrator for the benchmark, supported by the London Bullion Market Association (LBMA).