The Shanghai fix: Chinese gold dealers manipulated prices for years
Five Shanghai gold retailers and the Shanghai Gold & Jewelry Trade Association have been penalized for price manipulation of gold and platinum products, carried out over the past six years.
The National Development and Reform Commission fined the retailers $1.63 million, equivalent to 1% of 2012 sales.
The Shanghai Gold & Jewelry Trade Association, whose 226 members account for over 90% of Shanghai’s gold market, set the daily price range adopted by the city’s retailers.
Read background of the story here.
{{ commodity.name }}
{{ post.title }}
{{ post.date }}
Comments
Bhavya Sri
Really this is a shocking news for all. Few people only manipulated the gold prices for years together.
gold buyers in Hyderabad