(MENAFN) On Tuesday, the China Foreign Exchange Trade System reported a downward trend in the benchmark prices for spot interbank gold transactions across the country. Specifically, the benchmark price for gold with a purity of 99.95 percent or higher was set at 544 yuan per gram, reflecting a decline of 3.3 yuan compared to the preceding trading day. Similarly, the benchmark price for gold of 99.99 percent purity or above experienced a decrease of 3.94 yuan from the previous trading session, settling at 549.06 yuan.
Within the interbank gold market, spot transaction prices are subject to fluctuations within a range of 15 percent above or below the benchmark prices established for the day. This mechanism allows for market-driven adjustments and ensures that prices remain responsive to prevailing supply and demand dynamics.
Introduced in 2012, the interbank gold price inquiry business serves as a crucial component of China's gold trading infrastructure. Its primary objectives include bolstering market liquidity and diversifying trading mechanisms for participants. By providing a centralized platform for price inquiry and transactions, the system enhances the efficiency, transparency, and accessibility of gold trading activities within China's financial ecosystem.
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