Gold was relatively quiet in overnight trade, consolidating around the USD $1270 range, and hasn't done much this morning in light of Bernanke's same old...

Gold was relatively quiet in overnight trade, consolidating around the USD $1270 range, and hasn't done much this morning in light of Bernanke's same old comments re the economy and policy support (god he must get bored saying the same thing over and over again). Making headlines was a report in Bloomberg that gold benchmarks were to be reviewed by the UK Financial Conduct Authority. Whilst not a formal investigation, and whilst no one can confirm which benchmarks in question, there is rumour it could refer to the London Gold Fix, struck twice daily (AM and PM), by the five market making banks that contribute to it. To be honest, this is likely 'much ado about nothing', and i can't see the announcement of this review being price sensitive for bullion in any major way. More detail available here (VIEW LINK)