Chief Executive of the London Metal Exchange (LME), Garry Jones, said the process underpinning the London gold fix is open to manipulation.

"When people sit around a table and lift a flag in the gold market and say this is where the price is, obviously it is open to manipulation if it's done in this opaque way."

Both the gold and silver fix has come under increased scrutiny from both UK and German regulators amid accusations that members of the fix colluded to benefit from the process.

In April Deutsche bank resigned from both the London gold and silver fix after failing to find a buyer.

The London Bullion Market Association is currently in a consultation process with a number of market participants to develop an alternative to the silver fix.