The replacement for the near-century-old London gold fix will start in March, with the hope of attracting at least 11 members, including Chinese banks for the first time.
UK financial authorities are undertaking an assessment of financial benchmarks in the wake of a series of scandals, including over the gold fix.
The presence of Chinese banks would give the world's second-largest consumer of the precious metal a greater say in the global gold price. Participants in the fix aggregate orders from clients on to a platform to determine the price.
"Interest has been very positive and creates a more diverse pool of participants, which includes Chinese banks," said Ruth Crowell, chief executive of the London Bullion Market Association, a trade body for London's gold and silver markets.
