{"id":8894,"date":"2025-02-03T15:54:38","date_gmt":"2025-02-03T07:54:38","guid":{"rendered":"https:\/\/mpl.hk\/?p=8894"},"modified":"2025-02-04T15:57:10","modified_gmt":"2025-02-04T07:57:10","slug":"gold-corridor-hong-kong-bullion-bourses-leader-sees-city-as-belt-and-road-hub","status":"publish","type":"post","link":"https:\/\/mpl.hk\/gold-corridor-hong-kong-bullion-bourses-leader-sees-city-as-belt-and-road-hub\/","title":{"rendered":"\u2018Gold corridor\u2019: Hong Kong bullion bourse\u2019s leader sees city as belt-and-road hub"},"content":{"rendered":"
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Gold prices and trading volume are set to rise in the new lunar year amid geopolitical conflicts and expected interest-rate cuts, according to the head of Hong Kong\u2019s bullion bourse, which is eyeing a bigger role in the city\u2019s initiative to become a commodities hub.<\/p>\n

Gold prices would test and even exceed US$3,000 per ounce (28.3 grams) in the Year of the Snake, while trading volume would grow by up to 30 per cent globally, Haywood Cheung Tak-hay, chairman of Hong Kong Gold Exchange (HKGX), said on Monday.<\/p>\n

\u201cWith the\u00a0formal establishment<\/span><\/a>\u00a0of the Hong Kong Gold Exchange, and with the government\u2019s initiative to boost Hong Kong as an international gold trading hub, local gold trading volume will also grow,\u201d Cheung said at a ceremony on the first trading day of the new lunar year. He estimated the increase at 10 to 15 per cent.<\/p>\n

The price of bullion rose 35 per cent in the Year of the Dragon to HK$25,600 per tael (US$3,282 for 37.9 grams), and the international gold price hit an all-time high of US$2,790.07 per ounce in October.<\/p>\n

Market observers forecast that gold prices will continue rising, as investors are turning to the metal as a safe haven against expected rate cuts and a gloomy economic outlook.<\/p>\n

Formerly the Chinese Gold & Silver Exchange Society, HKGX changed from a club to a corporation late last year and began operation under its new name on January 1.<\/p>\n

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\"Haywood<\/div>
Haywood Cheung Tak-hay, chairman of Hong Kong Gold Exchange, attends the exchange\u2019s opening ceremony for the new lunar year in Sheung Wan on February 3, 2025. Photo: Edmond So<\/p>\n
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The restructured gold exchange has seen an increase in membership inquiries from mainland China and overseas, according to Cheung.<\/p>\n

He called for a connectivity scheme to link commodities trading in mainland China and Hong Kong.<\/p>\n

\u201cWith a connectivity scheme, we can build a \u2018gold corridor\u2019 with Belt and Road Initiative countries and trade gold with offshore yuan,\u201d Cheung said. \u201cThis will consolidate Hong Kong\u2019s status as an offshore-yuan hub, while also helping the country with the popularisation of the yuan.\u201d<\/p>\n

Meanwhile, the gold exchange is aiming to build a new gold warehouse in the city. HKGX hopes to begin construction on a facility with a capacity of 1,000 to 2,000 tonnes in 2027.<\/p>\n

The bourse are still looking for a proper location. Cheung said he and some members are eyeing the\u00a0Northern Metropolis<\/span><\/a>, the government\u2019s planned commercial and residential hub bordering mainland China.<\/div>\n

\u201cAs a newly developed area, it will be easier for us to arrange related infrastructure there,\u201d Cheung said.<\/p>\n

In his third policy address in October, Chief Executive\u00a0John Lee Ka-chiu<\/span><\/a>\u00a0vowed to turn Hong Kong into an international gold trading hub and said his government would help build more commodity storage facilities to realise this vision.<\/div>\n

The Chinese Gold & Silver Exchange Society was established in 1910. It traditionally traded physical gold and silver via the open outcry method, in which traders use hand gestures and shout out prices.<\/p>\n

Electronic trading, which will enable the bourse to continue operation under adverse weather, has largely replaced open outcry in recent years.<\/p>\n

However, HKGX used open outcry on Monday, the first trading day after the Lunar New Year holiday, to preserve the tradition.<\/p>\n

Sources:\u00a0SCMP<\/a><\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Gold price […]<\/p>\n","protected":false},"author":3,"featured_media":8888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[380],"tags":[],"class_list":["post-8894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dealers-in-precious-metals-and-stones-industrial-news"],"acf":[],"lang":"en","translations":{"en":8894,"zh":8886},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/8894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/comments?post=8894"}],"version-history":[{"count":3,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/8894\/revisions"}],"predecessor-version":[{"id":8897,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/8894\/revisions\/8897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media\/8888"}],"wp:attachment":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media?parent=8894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/categories?post=8894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/tags?post=8894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}