The twice-daily London gold fixings are when the price of spot gold is determined, in London, by the five members of The London Gold Market Fixing Ltd.

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Gold and silver traders and investors were digesting news Wednesday that the U.S. Commodity Futures Trading Commission is looking into whether major banks are manipulating London gold and silver market prices via the London gold and silver morning and afternoon fixes.

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The London Bullion Market Association sets the gold fix twice a day and the silver fix once a day.

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It was curious that heavy sell orders hit the gold market Tuesday when New York and London markets were closed and at a time when Asian trading was light.

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