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September 2, 2009

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Gold tries to cash in on poor bourse

THE Shanghai Gold Exchange has teamed up with the World Gold Council and the Industrial Bank to boost individual gold trading while the stock market struggles.

The Fujian Province-based bank is offering a full range of gold trading products for individuals including spot and deferred spot trading to lure investors.

"Commercial banks have been strong members of China's sole gold bourse in trading," said Wang Zhe, general manager of the Shanghai Gold Exchange, yesterday. "The individual gold trading via commercial banks can help curb illegal underground gold transactions."

Gold's sheen has been boosted by the recent falls of the stock market.

The benchmark Shanghai Composite Index has fluctuated widely recently in a falling trend. The benchmark has lost 22 percent in the past month.

But gold maintained its price of about US$950 an ounce.

Gold is widely seen as a safe haven and Chinese traditionally see it as a symbol of fortune.

China became the country with the highest demand for gold in the first half of this year, with strong growth in demand for retail gold investment and 24-carat jewelry.

Gold retail investment was also boosted by new products being launched by gold miners, banks and retailers. Retail gold investment rose 47 percent on the mainland to 17.1 tons in the second quarter.


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