Bullion groups launch gold bar database to thwart fraud

Two gold industry associations are working with miners, refiners, traders and shippers to create a database of gold bars in an effort to prevent trade in counterfeit metal and allow buyers of bullion to trace its origin, they said on Monday.

"Over time, this will help consumers, investors and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced," the LBMA and WGC said.

Refiners and others already operate gold-tracking technology and have added security features to gold bars that make them harder to counterfeit.

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