Swiss watchdog says looking at possible gold market manipulation

Switzerland's competition commission WEKO is looking into possible manipulation of price fixing in the precious metals market, its spokesman said on Tuesday.

Manipulation in the precious metals market emerged as part of a probe into manipulation in the foreign exchange market, which in November resulted in regulators fining six major banks, including Zurich-based UBS, a total of $4.3 billion.

FINMA, Switzerland's financial watchdog, said in November it had found a "clear attempt" to manipulate precious metals price benchmarks during a cross-market investigation into trading at UBS.

Swiss watchdog says looking at possible gold market manipulation