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Industrial Bank launches individual gold trades

SHANGHAI Gold Exchange has teamed up with the World Gold Council and Industrial Bank to boost individual gold trading amid a lackluster stock market.

The Fujian Province-based bank now offers a full range of gold trading products for individuals, including spot and deferred spot trading.

"Commercial banks have been strong members of China's sole gold bourse in trading," said Wang Zhe, general manager of the Shanghai Gold Exchange, today.

"Individual gold trading through commercial banks can help curb illegal underground gold transactions."

The benchmark Shanghai Composite Index has lost 22 percent in the past month while gold has maintained its pricing around US$950 an ounce.

Retail gold investment rose by 47 percent on the mainland to 17.1 tons in the second quarter.


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