Switzerland’s competition authority says it is investigating Swiss banks UBS and Julius Baer and five foreign financial institutions over suspected price-fixing in the precious metals market.
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The competition watchdog noted it had indications that the lenders in question had “possibly concluded illegal [price-fixing] deals within the precious metals market”.
Ducrey said the banks had all been informed of the ongoing probe, and that the investigation would likely conclude in 2017.
Some of these banks have already been made to pay out large fines by regulators over their alleged role in the Libor and forex rigging scandals.
United States prosecutors have been examining whether at least 10 banks, including HSBC, Barclays, JPMorgan Chase and Deutsche Bank manipulated prices of precious metals.
The statement gave no further details.
The WEKO investigation is the latest in a string of probes into manipulation of the precious metals and foreign exchange markets.
A spokesman for Zurich-based UBS declined to comment.
Spokesmen for Mitsui and Julius Baer, both said they would fully co-operate with the investigations.
The benchmarks were used by miners, refiners, traders and end-users to price gold and silver, as well as platinum and palladium, which are chiefly used in autocatalysts.
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Germany’s Bafin has also investigated the gold market, but said earlier this year that it had found no signs of benchmark price manipulation.
