I am watching gold quotes on the following site, which indicates from where the quotes are reported.

http://www.forex-markets.com/quotes_composite.htm

From the moment gold started popping up 45 minutes ago quotes from AZML (don't know where that is located) were $2-3 higher than those from SAXO, MIGF, USBW and WBLT. These last four are European trading platforms, I believe.

Also now, I see gold bid and ask quotes consistently being $1 higher at AZML than at the other platforms. It seems arbitrage is not working very efficiently.

Could this be a sign of a disintegrating gold market?