China on Tuesday launched a yuan-denominated gold price fix in its bid to become a price maker in a market dominated by London and New York.
Listed on the Shanghai Gold Exchange, the benchmark price is derived from a 1 kg-contract and was set at 256.92 yuan ($39.70) a gram on Tuesday, Reuters reported. The price will be set twice a day.
China is the world's largest gold producer and jostles with India for the tag of the biggest consumer of the precious metal globally.
Listed on the Shanghai Gold Exchange, the benchmark price is derived from a 1 kg-contract and was set at 256.92 yuan ($39.70) a gram on Tuesday, Reuters reported. The price will be set twice a day.
China is the world's largest gold producer and jostles with India for the tag of the biggest consumer of the precious metal globally.
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