London gold benchmark fixes $12/oz off spot price
By GCRU Gold News on Tuesday, April 11 2017, 22:08 - Permalink
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.