China Starts Gold Fix­ing Twice a Day

The Economic Times - - Commodities Plus -

Bei­jing: China, the world’s big­gest pro­ducer and consumer of gold, started a twice-daily price fix­ing on Tues­day in an at­tempt to es­tab­lish a re­gional bench­mark and bol­ster its in­flu­ence in the global mar­ket. The Shang­hai Gold Ex­change set the price at 256.92 yuan a gram ($1,233.85 an ounce) at the 10:30 am ses­sion af­ter mem­bers of the ex­change sub­mit­ted buy and sell or­ders for metal of 99.99% pu­rity. Mem­bers in­clude Chi­nese banks, jewellers, min­ers and the lo­cal units of Stan­dard Char­tered and Aus­tralia & New Zealand Bank­ing Group.

China has over­taken In­dia as the largest consumer as ris­ing in­comes and surg­ing eco­nomic growth boosted pur­chases of jewellery, bars and coins. The country’s plans to de­velop a bench­mark to ri­val the twicedaily Lon­don auc­tion may be ham­pered by cap­i­tal con­trols.


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