China sees decline in interbank gold prices on Wednesday
Date
5/22/2024 8:50:15 AM
(MENAFN) According to the China Foreign Exchange Trade System, Wednesday witnessed a decrease in the benchmark prices for spot interbank gold transactions. Specifically, the benchmark price for gold with a purity of 99.95 percent or higher was reported at 566.96 yuan per gram, reflecting a decline of 5.69 yuan compared to the previous trading day. Similarly, the price for gold with a purity of 99.99 percent or higher also experienced a downturn, dropping by 4.84 yuan from the previous trading day to 568.96 yuan.
In the interbank price inquiry market, spot transaction prices are subject to fluctuations, with prices allowed to rise or fall within a range of 15 percent from the benchmark prices each trading day. This flexibility in pricing mechanisms enables market participants to respond to changing market conditions and adjust their trading strategies accordingly, contributing to the overall liquidity and efficiency of the gold market.
The interbank gold price inquiry business, introduced in 2012, aimed to enhance market liquidity and diversify trading models within the gold market. By providing standardized benchmark prices, this initiative has facilitated greater transparency and fairness in gold trading activities, benefiting market participants and investors alike. Moreover, it has enriched the overall trading landscape by offering alternative avenues for conducting gold transactions, thereby promoting a more robust and dynamic gold market ecosystem.
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