World Gold Council organises forum to reform gold fix

London: 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 reference one.