New | Global banks probed on manipulation of precious metals prices
Investigation comes as the US is looking into rigging of financial benchmarks by lenders
The United States Justice Department is investigating whether the world's biggest banks manipulated prices of precious metals such as silver and gold, according to sources with knowledge of the matter.
At least 10 banks, including Barclays, JP Morgan Chase and Deutsche Bank, were being probed by the Justice Department's antitrust division, said one of the sources.
The metals investigation, which is in the early stages, broadens the department's scrutiny of banks over manipulation of financial benchmarks.
Prosecutors are conducting criminal investigations into the alleged rigging of interbank lending rates and currency markets.
HSBC Holdings disclosed on Monday that the Justice Department and US commodities regulators had sought documents from the bank on dealings in precious metals. It said it was co-operating in the probes.
The banks under investigation also included Credit Suisse, UBS, Goldman Sachs, Societe Generale, Bank of Nova Scotia and Standard Bank, the source said.