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HONG KONG: Hong Kong is to relaunch gold futures trading on October 20 to capitalise on increased demand for the precious metal, the operator of the city's stock market said in a statement.
The move by Hong Kong Exchange and Clearing (HKEx) comes in the wake of a strong rise in the metal's price. Investors often view gold as a store of value in troubled times, such as this year's slide in the stock market.
"The relaunch of gold futures is in response to the renewed interest in gold," the company said in a statement released on Wednesday.
"Potential market participants include individual and institutional investors, bullion dealers, banks and corporations involved in gold businesses," the statement said.
The trading day will stretch from 8:30am to 5:00pm (0030 GMT to 0900 GMT), the statement said.
The move follows a feasibility study on commodities-based derivatives trading in the city, which HKEx said used to offer gold futures trading in the 1980s and 1990s.
China, the world's third largest gold consumer, launched gold futures trading in Shanghai in January.
It also became the world's biggest producer of gold last year, overtaking South Africa, which had held top spot for 100 years, the independent precious metals consultancy GFMS said in London in April.
- AFP/so
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