Shanghai Gold Exchange contract volume surges on price slump
Gold volumes for the benchmark cash
contract on the Shanghai Gold Exchange, China’s biggest spot
bullion market, climbed to a 10-week high as a price slump
spurred buying.
The volume for bullion of 99.99 percent purity climbed to
19,775 kilograms yesterday, the biggest since Oct. 8, from
13,673 kilograms the previous day, according to exchange data
compiled by Bloomberg. That compared with a record 43,272
kilograms reached on April 22. Prices fell today for a third
day, losing as much as 2.1 percent to 235.85 yuan a gram ($1,208
an ounce), the lowest since February 2010.
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