(MENAFN) On Wednesday, China's spot interbank gold prices showed an upward trend, as indicated by data from the China Foreign Exchange Trade System (CFETS). The benchmark price for gold, meeting the purity standard of 99.95 percent or higher, was reported at 564.26 yuan per gram. This figure represented an increase of 3.90 yuan compared to the previous trading session. Similarly, the price for gold of even higher purity, reaching 99.99 percent or above, also experienced a rise, reaching 562.50 yuan per gram after an uptick of 3.82 yuan from the previous day's level.
The regulations governing spot transaction prices on the interbank price inquiry market allow for fluctuations within a range of 15 percent from the benchmark prices on each trading day. This mechanism offers a degree of flexibility to accommodate market dynamics and changing conditions.
Introduced in 2012, the interbank gold price inquiry business serves a dual purpose. Firstly, it aims to bolster market liquidity by facilitating transactions among financial institutions. Secondly, it seeks to diversify trading methods within the gold market, providing participants with alternative avenues for engaging in gold transactions. Through these efforts, the system contributes to the efficiency and effectiveness of gold trading in the interbank market, ultimately benefiting market participants and supporting the broader financial ecosystem.
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