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Gold market drops traditional trading and goes electronic

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Gold market drops traditional trading and goes electronic

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It was only matter of time, but now technology has caught up with one the world’s most precious metals. Trading in gold has gone electronic ending a near century of tradition.

Thursday is the last day traders at four banks will agree by phone twice daily prices used by miners to central banks to deal and value bullion.Silver, platinum and palladium all made way for electronic auctions last year.

Anyone will now able to follow the auctions online, rather than needing a phone to a fixing dealer. With more firms able to take part in the benchmark the 18 trillion dollar market will become more transparent.