Domestic banks eye bigger role in gold pricing

The nation's banks are getting a bigger say in gold prices.

A new electronic daily gold price, which will replace the traditional London gold fixing, is set to go live in March, according to the London Bullion Market Association, which represents the London market for gold and silver.

For the first time, the LBMA has three Chinese banks as ordinary members: Industrial and Commercial Bank of China Ltd, China Construction Bank Corp and Bank of China Ltd.