After eight years of absence from the LBMA, German financial institution Deutsche Bank wants a seat at the gold table again and is applying to reunite with the London Bullion Market Association.
According to a Bloomberg report, the German bank's return to the precious metals market is its latest move to expand the company's trading arm.
The bank said in a statement on Friday that "this brings us into line with other banks that offer precious metal services."
"It reflects the careful growth of our precious metals business in recent years and growing client demand for our services," Deutsche Bank added.
The German bank is returning to the precious metals sector eight years after it withdrew from the onslaught of lawsuits and accusations of manipulation.
Deutsche Bank was one of the few bullion banks that was very much in control of the market thanks to its twice-daily price fix. Deutsche Bank relinquished its seat in London's century gold fixing club in 2014 after the bullion banks were accused of manipulating precious metals prices.
In 2016, Deutsche Bank became the first bullion bank to settle a private antitrust lawsuit filed in the United States for $60 million. The bank also paid $38 million to settle a similar manipulation lawsuit filed by investors and silver traders.
It also agreed to work with market regulators as they investigate allegations of manipulation.
Over the past eight years, many bullion banks have faced further manipulation lawsuits. They also received significant fines from global financial regulators for collusion and price manipulation.
In 2016, the London Gold Fix was abolished and replaced by the LBMA Gold Price. Gold prices are fixed twice a day through online auctions among 16 participants. The LBMA has also set benchmark prices for silver and platinum based on daily online auctions.
