China's benchmark prices for spot interbank gold surge on Thursday


(MENAFN) On Thursday, the China Foreign Exchange Trade System (CFETS) reported an increase in China's benchmark prices for spot interbank gold transactions. The benchmark price for gold of purity 99.95 percent or higher was set at 557.02 yuan per gram, equivalent to approximately 78.08 U.S. dollars. This marked a slight uptick of 0.02 yuan from the previous trading day. Meanwhile, the price for gold of purity 99.99 percent or above surged by 4.95 yuan to reach 560.85 yuan per gram compared to the previous session.

These benchmark prices are pivotal in guiding spot transaction pricing within China's interbank market, allowing for daily fluctuations of up to 15 percent above or below the benchmark values. Introduced in 2012, the interbank gold price inquiry system aims to bolster market liquidity and diversify trading strategies. By providing standardized reference points, the system enhances transparency and efficiency in gold trading activities across China.

The implementation of these benchmarks supports a dynamic and competitive gold market environment, catering to the diverse needs of market participants ranging from financial institutions to individual investors. This framework not only facilitates smoother trading operations but also contributes to a more robust and resilient gold market ecosystem within China.

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