The Shanghai Futures Exchange launched after-hours trading in gold this week and initial volume was described as high, all of which observers say reflects the country’s growing role in the gold market.
“It’s one more indicator of China’s significant interest in gold and desire to become a global force in the gold market,” said Jeffrey Nichols, managing director of American Precious Metals Advisors and senior economic consultant to Rosland Capital. Nichols provides consulting services for a number of entities in Asia, including China.
The country has been looking to expand its gold market infrastructure and participation to become one of the leading marketplaces for gold, Nichols said. The move also helps the exchange meet competition from others in the region, he added.
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