Deutsche Bank has begun its own investigation into the process under pinning the London gold fix amid accusations the members of the fix colluded to manipulate the gold price.

The bank decided to quit its seat on the fix after their offices where raided by German finance regulator Bafin. Sources close to the matter confirmed Deutsche bank’s internal investigation started shortly after.

The internal investigation is of no surprise as Deutsche Bank would be expected to answer a number of questions posed by the regulator. By taking action early and admitting to any wrong doing the bank may minimise the penalties placed on them if found guilty

Swiss Bank UBS is also carrying out an internal investigation into both their foreign exchange operations and precious metals operations.

Last month a trader at Barclays Bank was fined and given a life ban for manipulating the gold price.