Apr 23, 2024 (MENAFN via COMTEX) --
(MENAFN) On Tuesday, the China Foreign Exchange Trade System (CFETS) reported a decline in China's benchmark prices for spot interbank gold transactions, reflecting market dynamics in the precious metals sector.
Specifically, the benchmark price for gold of 99.95 percent purity or higher was recorded at 562.6 yuan per gram. This marked a decrease of 5.54 yuan from the previous trading day. Similarly, the price for gold of 99.99 percent purity or above experienced a decline of 9 yuan compared to the previous trading day, settling at 556.55 yuan.
This downward movement in benchmark prices signals ongoing fluctuations in the interbank gold market, influenced by various factors such as global economic conditions, investor sentiment, and geopolitical developments.
It's worth noting that spot transaction prices on the interbank price inquiry market are allowed to fluctuate within 15 percent of the benchmark prices each trading day. This flexibility allows market participants to adjust their trading strategies in response to changing market conditions.
Since its introduction in 2012, the interbank gold price inquiry business has played a vital role in enhancing market liquidity and diversifying trading models within China's gold market. By providing a transparent and regulated platform for gold transactions, it contributes to the overall efficiency and stability of the domestic gold market, aligning with China's broader objectives for financial market development and regulation.
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COMTEX_451299461/2604/2024-04-23T16:45:52
