China’s interbank gold prices retreat on Wednesday

China’s benchmark prices for spot interbank gold transactions declined on Wednesday, according to the China Foreign Exchange Trade System.

The benchmark price for gold purity of 99.95 per cent or above settled at 551.05 yuan ($77.19) per gram, marking a decrease of 9.95 yuan compared to the previous trading day.

Meanwhile, the price for gold with a purity of 99.99 per cent or above dropped by 6.42 yuan to 554.28 yuan.

It’s important to note that spot transaction prices within the interbank price inquiry market are subject to fluctuations of up to 15 percent from the benchmark prices on a daily basis.

Introduced in 2012, the interbank gold price inquiry system aims to enhance market liquidity and broaden trading options.

Attribution: Xinhua