World Gold Council’s Take on China’s New Gold Fix
By GCRU Gold News on Thursday, April 21 2016, 00:42 - Permalink
China’s push for more control in the gold market was seen with the launch of its much anticipated yuan-denominated gold price fix on Tuesday - the Shanghai Gold Benchmark Price. Will China become the new gold hub? According to the World Gold Council, this move simply reflects the country’s growing appetite for the metal. ‘We view this as a stepping stone to a multi-access trading market that will consist of London, New York and Shanghai,’ Greg Collett, director of investment products for the WGC, told Kitco News.