China’s benchmark gold prices split on Wednesday
China’s gold market showed mixed signals on Wednesday, with benchmark prices for spot interbank gold transactions moving in opposite directions, Xinhua reported, citing the China Foreign Exchange Trade System (CFETS).
The price of 99.95 per cent pure gold decreased slightly to 552.55 yuan ($77.71) per gram, while the price of 99.99 per cent pure gold increased to 552.7 yuan per gram, as per the statement.
The interbank gold market allows spot transaction prices to fluctuate within a 15 per cent range of the benchmark prices each trading day. This system, introduced in 2012, aims to improve market liquidity and diversify trading models.
