Barclays Bank has been fined more than £26m by the City watchdog over attempted gold price manipulation, it has been confirmed.
The Financial Conduct Authority (FCA) said the bank failed to adequately manage conflicts of interest between itself and customers.
It said failures occurred between 2004 and 2013.
The bank, which has previously been fined over Libor rate-fixing, was fined £26,033,500.
Gold fixing is a financial term used to describe the somewhat arcane price-setting mechanism that allows investors to buy and sell gold at a single quoted price.
Barclays is one of four banks that sets the price of the precious metal twice a day, in US dollars, on the London Gold Exchange and in Paris and Zurich.
It joined the group in 2004, and the other members are Scotiabank, Societe Generale and HSBC.
The FCA said: "On 28 June 2012, former Barclays trader Daniel James Plunkett exploited the weaknesses in Barclays' systems and controls to seek to influence that day's 3pm setting of the gold price and thereby profited at a customer's expense."
"As a result of Plunkett's actions, Barclays was not obligated to make a $3.9m (£2.3m) payment to its customer, although it later compensated the customer in full.
"Plunkett's actions boosted his own trading book by $1.75m (excluding hedging)."
The watchdog also fined Mr Plunkett £95,600 and has banned him from performing any function in relation to any regulated activity.
He can, however, work in financial markets in other countries.
The gold price manipulation scandal is the latest issue to tarnish the reputation of the bank.
It recently suffered a shareholder backlash - announcing a 32% fall in annual profits to £5.2bn but raising its staff bonus pool by 10% to £2.38bn.
Responding to the latest fine imposed by regulators, Barclays CEO Antony Jenkins said: "We very much regret the situation that led to this settlement.
"Barclays has undertaken a significant amount of work to enhance our systems and controls and is committed to the highest standards across all of our operations."
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