(MENAFN) On Thursday, China's spot interbank gold transaction benchmark prices experienced a decline, as reported by the China Foreign Exchange Trade System. The benchmark price for gold of 99.95 percent purity or higher was recorded at 536.5 yuan per gram, representing a decrease of 10.45 yuan compared to the previous trading day. Similarly, the price for gold of 99.99 percent purity or higher also saw a slight downturn, dropping by 0.66 yuan from the previous trading session to 544.18 yuan.
It's worth noting that spot transaction prices in the interbank price inquiry market are permitted to fluctuate within a range of 15 percent from the benchmark prices on any given trading day. This mechanism allows for a degree of flexibility in response to market dynamics and ensures that prices remain reflective of prevailing supply and demand conditions.
The introduction of the interbank gold price inquiry business in 2012 aimed to bolster market liquidity and diversify trading mechanisms within the gold market. By providing a platform for interbank transactions with standardized benchmark prices, this initiative has contributed to the efficiency and robustness of China's gold trading ecosystem.
Overall, the fluctuations in benchmark gold prices underscore the dynamic nature of the precious metals market, influenced by factors such as global economic trends, geopolitical developments, and investor sentiment. As such, the interbank gold price inquiry system plays a crucial role in facilitating transparent and efficient transactions, thereby supporting the stability and vitality of China's gold market.
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