China's interbank gold prices show mixed performances on Wednesday
Date
5/29/2024 4:51:41 AM
(MENAFN) On Wednesday, the China Foreign Exchange Trade System observed varied movements in China's benchmark prices for spot interbank gold transactions. The benchmark price for gold of purity 99.95 percent or above was documented at 552.55 yuan per gram, registering a decline of 1.23 yuan compared to the previous trading day. Conversely, the price for gold of purity 99.99 percent or above experienced a marginal uptick of 1.1 yuan from the previous trading day, reaching 552.7 yuan per gram.
The interbank price inquiry market allows spot transaction prices to fluctuate within a range of 15 percent from the benchmark prices each trading day. This adaptable mechanism enables dynamic adjustments in response to evolving market conditions and the dynamics of demand and supply.
Introduced in 2012, the interbank gold price inquiry business has played a pivotal role in bolstering market liquidity and broadening trading models within China's gold market. By furnishing a transparent and regulated platform for gold transactions, it facilitates efficient price discovery and nurtures a conducive environment for market participants to actively engage in gold trading activities. This initiative has not only contributed to the stability of the gold market but has also promoted greater participation and investment in the sector, thereby enhancing the overall vibrancy and resilience of China's gold market ecosystem.
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