Citi has become the fifth bank to clear transactions in London's over-the-counter gold market, marking a significant expansion of its precious metals business and strengthening its role in the global bullion trade, according to a company announcement reported by Reuters.
The move expands the small clearing network that supports London's bullion market, where around $160 billion worth of precious metals transactions are conducted daily. By joining the clearing system, Citi will play a direct role in the settlement infrastructure that underpins global trading in gold and other precious metals.
