Gold trade in Shanghai jumps 60% in 2014
Print Edition
GOLD transactions at the Shanghai Gold Exchange jumped nearly 60 percent in 2014 from the previous year amid greater volatility in bullion prices.
A total of 18,500 tons of gold were traded last year, a rise of 59.17 percent from 2013, according to data from the exchange.
The exchange attributed the increase in transactions to investment demand from gold mining firms, investment by gold producers in bullion derivatives to manage risks amid volatile gold prices last year, as well as institutional investors profiting from price differences between spot and futures products.
International gold bullion prices fell 2 percent in 2014 to below US$1,200 per ounce after touching a four-year low in November.
On the Shanghai exchange, gold bullion closed nearly flat at the end of last year at 241.63 yuan (US$39) per gram, or US$1,213 per ounce. It, however, touched a low of 220 yuan in November.
Economists predicted gold prices to increase mildly this year as investors seek the safer option because the capital market is likely to be impacted by an increase in US interest rates.
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