NEW YORK (TheStreet) -- The World Gold Council on Wednesday said it doesn't expect an industry-wide meeting to reform the so-called gold fix to provide an immediate solution to trading in the precious metal, and called it the start of a multi-step process. Buyers and sellers of gold ranging from central banks to bullion banks are scheduled to meet on July 7 to discuss possible reforms to the London Gold Fix to prepare for new global regulations which are set to begin in the coming months. Fixings fail on most of the new rules, World Gold Council managing director of investment strategy Marcus Grubb told reporters in New York. Grubb said it's imperative to find a solution but that the meetings which begin on July 7 will be the first step in a longer process to create a more transparent gold fix. The gold fix has existed since 1919 and is an industry standard established to help set the price of gold twice a day for use by large-scale purchasers. Grubb said it's necessary to keep the fix for central banks which may make large gold purchases at any given time. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux // 0;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); // ]]>
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