US regulators are trying to determine whether London-based traders manipulated the gold price.
According to the Wall Street Journal, the Commodity Futures Trading Commission (CFTC) is concerned about the level of transparency in the gold and silver markets.
Under the current set-up, five investment banks - Barclays, Deutsche Bank, HSBC, Bank of Novia Scotia and Société Générale meet twice a day in the UK capital to set the price for gold, while the latter three meet on silver.
Gold has been seen as a safe haven in the turbulent market conditions, with its price breaking records and coming within touching distance of the $1,800 mark last October.
The CFTC is headed by former Goldman Sachs executive Gary Gensler, who according to the Wall Street, has 'called for reforms to Libor and other benchmarks that would require them to based on actual transactions, rather than estimates submitted by industry firms'.