By Matthew Cowley

LONDON--JPMorgan Chase & Co. (JPM) has become the seventh direct participant in the twice-daily auctions to set the LBMA Gold Price benchmark, according to the price administrator, Intercontinental Exchange Inc.

The electronic gold benchmark launched on March 20 with six participants: UBS AG (UBSN.EB) , Goldman Sachs Group Inc. (GS), Bank of Nova Scotia (BNS), Barclays Bank PLC (BCS), HSBC Holdings PLC (HSBC) and Societe Generale SA (GLE.FR) .

The new electronic fixes are designed to make the daily market price benchmark less vulnerable to manipulation. The change from the old telephone-based system was made given the heightened regulatory scrutiny around benchmarks in the wake of scandals such as the manipulation of the London interbank offered rate, or Libor.

The prices established through the auctions are used by a broad range of firms, from miners to jewelry makers, to settle gold trades worth billions of dollars every day.

The intellectual property of the gold price is held by the London Bullion Market Association, or LBMA, and the platform is operated by ICE.

Write to Matthew Cowley at matthew.cowley@wsj.com

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