Six banks will participate in the auction to set the new electronic gold price that will launch on Friday, according to Intercontinental Exchange, which manages the new platform.

Four of the banks - Barclays, HSBC, Bank of Nova Scotia and Societe Generale - had participated in the conference call used to determine the daily fixes, a system largely unchanged for nearly a century. The newcomer unveiled by ICE on Thursday is Swiss bank UBS; ICE said it would disclose the sixth bank on Friday.