Most Viewed
World Gold Council’s Take on China’s New Gold Fix
China’s push for more control in the gold market was seen with the launch of its much anticipated yuan-denominated gold price fix on Tuesday - the Shanghai Gold Benchmark Price. Will China become the new gold hub? According to the World Gold Council, this move simply reflects the country’s growing appetite for the metal. ‘We view this as a stepping stone to a multi-access trading market that will consist of London, New York and Shanghai,’ Greg Collett, director of investment products for the WGC, told Kitco News. The new gold fix was launched by the Shanghai Gold Exchange, with prices set twice daily. Wednesday, the Shanghai Gold Benchmark afternoon price was set at 256.97 yuan ($39.72) per gram. Collett also commented on investor demand for the metal, which has surged since the start of the year. He highlighted GLD, the world’s largest gold-backed exchange-traded fund, and its rise from $22 billion to $32 billion in assets under management this year. (show less)
China’s push for more control in the gold market was seen with the launch of its much anticipated yuan-denominated gold price fix on Tuesday - the Shanghai Gold Benchmark Price. Will China become the new gold hub? According to the World Gold Council, this move simply reflects the country’s growing appetite for the metal. ‘We view this as a stepping stone to a multi-access trading market that will consist of London, New York and Shanghai,’ Greg Collett, director of ... (read more)
Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.