Loading ...the post said Singapore, but I think you mean the “Shanghai” Gold Exchange… as the “Singapore” Gold Exchange opened 7/6/2013 according to this link.
World’s first Physical Gold, Silver Exchange starts in Singapore | Singapore | SCRAP REGISTER NEWS
Shanghai Gold Exchange plans FTZ contract for SeptemberAuthor: Bloomberg News
Posted: Monday , 18 Aug 2014
(Bloomberg) – >
The Shanghai Gold Exchange plans to start bullion trading in the city’s free-trade zone on Sept. 26, according to three people with knowledge of the matter.
The people asked not to be identified because they aren’t authorized to speak to the media. Gu Wenshuo, a spokesman for the exchange, confirmed that the trading system is being tested, without giving further details.
Shanghai wants to become a regional bullion-trading hub, giving foreigners access to the world’s largest physical-gold market, Xu Luode, the exchange’s chairman, told a conference in Singapore in June.
The gold contract will be priced and settled in yuan and the infrastructure is in place for trading to start in the third quarter, Xu said in June. The zone will have a vault capable of holding 1,500 metric tons of gold, which can either be imported into China or be in transit to other markets, Xu said.
China is seeking to open up its bullion markets just as domestic demand weakens. Consumption contracted 19 percent in the first six months of the year, according to the China Gold Association. Bullion of 99.99 percent purity traded on the Shanghai Gold Exchange climbed 8.7 percent this year, damping demand which reached a record in 2013.
To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at frong2@bloomberg.net <frong2@bloomberg.net>; Glenys Sim in Singapore at gsim4@bloomberg.net <gsim4@bloomberg.net>
To contact the editors responsible for this story: James Poole at jpoole4@bloomberg.net <jpoole4@bloomberg.net>