The Hong Kong Mercantile Exchange HKMEx started trading its first gold futures contract yesterday, responding to a surge in demand for the precious metal among regional investors during the past few years.
The 32 troy ounces futures contract is denominated in US dollars, with physical delivery in Hong Kong for the first time. The initial trade was transacted by Industrial and Commercial Bank of China ICBC, one of 18 exchange members, when the market opened at 8am HKT. By 5.30pm, a total of 3,415 contracts had been traded with a value of $163.33 million, and dealing continued until 11pm when the market closed.
“We’re...
¬ Haymarket Media Limited. All rights reserved.
