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Goldman Sachs, UBS named as participants in new LBMA gold price-ICE

Reuters - UK Focus

LONDON, March 20 (Reuters) - Goldman Sachs (NYSE: GS-PB - news) and UBS (NYSEArca: FBGX - news) will join the four existing members of the gold "fix", which ended on Thursday, in setting the new London Bullion Market Association (LBMA) Gold Price benchmark, Intercontinental Exchange (NYSE: ICE - news) said on Friday.

Goldman and UBS join Barclays (LSE: BARC.L - news) , HSBC, Bank of Nova Scotia and Societe Generale (Paris: FR0000130809 - news) , taking part in the new process at 1030 GMT on March 20.

The gold, silver, platinum and palladium fixes came under increased scrutiny in the wake of a scandal in financial markets over rigging of interest rate and foreign exchange benchmarks.

Fixing participants said last year that they would no longer operate the processes.

(Reporting by Jan Harvey; Editing by Veronica Brown)