A new electronic daily gold pricing mechanism, set to launch on March 20, will include more participants in setting the benchmark price of the precious metal, including Chinese banks such as Industrial and Commercial Bank of China Ltd.

The Intercontinental Exchange and the London Bullion Market Association will replace the current private telephone conference between a group of just four banks, the remnants of a system that has existed since 1919.

But from March 20, the gold benchmark will be set via an electronic platform managed by ICE Benchmark Administration.