You'd think a bank would know what the gold price is at any given time. Apparently not at Industrial and Commercial Bank of China, which for 23 minutes had a bid price in the gold market offering around 6 times the actual rate. A bunch of traders jumped on the offer unsuprisingly, but now the bank wants its money back.
On Saturday, the bank posted a statement on its website saying that prices on its gold trading system had "deviated seriously from the market price" for a short time.
It added that all sales and purchases executed during that window would be canceled in accordance with an agreement signed by users of the gold-trading platform.
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