Bullion trading doubles as new buyers allowed
Source: Bloomberg News |
July 13, 2011, Wednesday
|
Print Edition
Print Edition
GOLD trading in Shanghai by foreign members of the precious-metals bourse surged more than twofold in the first half of this year after greater participation was permitted, the Shanghai Gold Exchange said yesterday.
Trading by foreign members was 151.69 metric tons, said Song Yuqin, vice chairman of the exchange. Total spot gold trading volume increased 20 percent to 1,009.5 tons, Song said. There are six foreign members of the bourse, including HSBC Bank (China) Co and Standard Chartered Bank China Ltd, according to the bourse's website.
Gold prices climbed to a record in May as rising inflation and concern about the global economic recovery spurred demand for an alternative asset. China became the largest physical gold investment market in the first quarter, according to the World Gold Council. Deliveries on the Shanghai exchange also jumped 20 percent in the first six months to 483.7 tons, Song said.
"Foreign banks' proprietary gold trading and broker business on behalf of their clients are both on the rise," said Judy Zhu, analyst at Standard Chartered Bank. United Overseas Bank (China) Ltd and Barclays Bank were added as members this year, according to the bourse.
"China's physical gold demand surged in the first half of this year, especially around Lunar New year," Song said at a briefing in Beijing.
Demand in China, the world's largest gold producer, may expand further as increasing wealth and inflation rising at the fastest pace in three years spur buying. Investment demand more than doubled in the first quarter to 90.9 tons, the World Gold Council said in May.
Trading by foreign members was 151.69 metric tons, said Song Yuqin, vice chairman of the exchange. Total spot gold trading volume increased 20 percent to 1,009.5 tons, Song said. There are six foreign members of the bourse, including HSBC Bank (China) Co and Standard Chartered Bank China Ltd, according to the bourse's website.
Gold prices climbed to a record in May as rising inflation and concern about the global economic recovery spurred demand for an alternative asset. China became the largest physical gold investment market in the first quarter, according to the World Gold Council. Deliveries on the Shanghai exchange also jumped 20 percent in the first six months to 483.7 tons, Song said.
"Foreign banks' proprietary gold trading and broker business on behalf of their clients are both on the rise," said Judy Zhu, analyst at Standard Chartered Bank. United Overseas Bank (China) Ltd and Barclays Bank were added as members this year, according to the bourse.
"China's physical gold demand surged in the first half of this year, especially around Lunar New year," Song said at a briefing in Beijing.
Demand in China, the world's largest gold producer, may expand further as increasing wealth and inflation rising at the fastest pace in three years spur buying. Investment demand more than doubled in the first quarter to 90.9 tons, the World Gold Council said in May.
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