Gold up 4th straight week, Deutsche quits gold price-setting


Reuters
January 17, 2014

Gold rose on Friday as weakness in U.S. equities, strong fund buying and Asian physical demand lifted bullion to its fourth consecutive weekly gain.

The market was surprised by news of Deustche Bank withdrawing from gold and silver benchmark setting, or fixing, as German regulators investigate suspected manipulation of precious metals prices by banks.

Deutsche, one of five banks involved in the twice-daily gold fix for global price setting, said Friday it was dropping out of the process after withdrawing from the bulk of its commodities business.

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