UPDATE 1-In age of market scrutiny, who wants in on the gold "fix"?

Wed Jan 22, 2014 6:10am EST
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* Deutsche Bank's seat at gold fixing table a 'tough sale'

* Prospect of increased scrutiny offsets kudos of role

* Candidate may emerge among Asian banks - sources

By Jan Harvey and Clara Denina

LONDON, Jan 22 (Reuters) - Deutsche Bank's decision to put its seat at the gold fixing table up for sale has raised questions about the future of the price benchmark.

One stands out: who, after the Libor scandal, will want it?

Gold price setting or "fixing", determining the benchmark for the billions of dollars traded every day, is nearly a century old. The modern twice-daily system launched in 1968.

Unlike most commodities which are dominated by futures trading, gold is chiefly a cash market.

Involvement in the fix offers little financial benefit to members, but a seat at the table is prestigious. However, that may not be enough.   Continued...