A Swiss regulator launched an investigation into the possible manipulation of precious metals trading by a number of leading banks Monday, making it the latest global watchdog to look into the potential rigging of a major financial market. Switzerland's competition commission, known as WEKO, has opened an investigation following an initial probe into seven banks including Deutsche Bank, UBS, Julius Baer, HSBC, Barclays, Morgan Stanley and Mitsui.

Spokespeople for HSBCMorgan StanleyBarclays and UBS declined to comment.

A spokesman for Deutsche Bank also declined to comment but referenced the bank's statement in its second quarter earnings release, where it said it would "continue to cooperate" with regulatory investigations. Spokesmen for Mitsui and Julius Baerboth said they would fully co-operate with the investigations. News of the investigation comes as one bank moved closer to resolving precious metal trading investigations with global regulators, sources told CNBC.

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Chief executive of Sharps Pixley, a London-based physical bullion broker, Ross Norman told CNBC there wasn't a "single gold trade that hasn't been picked over" by regulators in the U.

Read More Precious metals back in favor as volatility rises. WEKO, the Swiss competition commission, which is made up of 12 members who are elected by the Swiss Federal Council, with the forex exchange wiki of the credit suisse forex manipulation of the watchdog being independent experts - usually professors of law or economics. The Swiss regulator's probe follows investigations launched in the U.

Around 10 banks including Credit SuisseGoldman SachsJPMorgan ChaseSociete GeneraleStandard Bank and Bank of Nova Scotia were involved with the DoJ investigations, which were first reported in February.

The European Commission issued HSBC with a request for information regarding the bank's precious metal trading, according to the bank last month and the group continues to cooperate with regulators. WEKO said the investigation will likely conclude in or and if the regulator finds misconduct, banks will face financial penalties.

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South Africa’s competition commission prosecutes 17 banks for collusion, manipulating currency exchange — Quartz

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Register Log In Profile Email Preferences PRO Sign Out. Commodities Oil Gold Agriculture Livestock Currencies Index Interest Rates. Bloomberg via Getty Images. An employee arranges one-kilogram gold bars for a photograph at a Tanaka Kikinzoku Kogyo K. Read More Precious metals back in favor as volatility rises "It is a good, clean, efficient market," Norman said, adding that certain banks have been investigated "dozens of times" and "nothing untoward has been found.

What is being investigated? How long will it last? Have banks been investigated for precious metals before? Jenny Cosgrave Reporter, CNBC.