(MENAFN) On Monday, the China Foreign Exchange Trade System reported a mixed trend in China's benchmark prices for spot interbank gold transactions. The benchmark price for gold of 99.95 percent purity or higher remained steady at 547.3 yuan per gram, mirroring the previous trading day's level. Conversely, the price for gold of 99.99 percent purity or above experienced a slight uptick, rising by 4.84 yuan from the previous trading day to reach 553 yuan per gram.
It's important to note the framework within which these prices operate. Spot transaction prices in the interbank price inquiry market are permitted to fluctuate within a range of 15 percent from the benchmark prices on each trading day. This flexibility allows for market dynamics to influence transaction prices while maintaining stability within a defined range.
The interbank gold price inquiry business, introduced in 2012, plays a crucial role in enhancing market liquidity and diversifying trading models within the gold market. By providing a transparent platform for price discovery and facilitating efficient transaction execution, this initiative contributes significantly to the ongoing development and sophistication of China's gold market infrastructure. Such measures are essential for fostering a robust and resilient gold market that meets the diverse needs of market participants while ensuring transparency and efficiency in trading activities.
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