CME Group Inc will launch a physically deliverable gold futures contract in Hong Kong later this year to capture growing hedging and investment buying in the Asian region, a senior executive of the exchange said on Thursday.

The planned launch of CME's 1 kilogram (kg) gold contract comes as other exchanges in the region are racing to provide a viable alternative to the metal's global benchmark, which is under regulatory scrutiny.

China, the world's top gold consumer, also said on Thursday that its Shanghai Gold Exchange will launch an international version of its gold futures contracts on Sept. 29.