Gold bourse opens for night trading today
2005-11-08 Beijing Time
CHINA'S gold investors need no longer worry about prices fluctuating during the night and not being able to anything about it because the Shanghai Gold Exchange is launching night sessions for trading on a trial basis from today, the Oriental Morning Post said.
Shanghai will be the first bourse to open for night trading, according to the Shanghai-based newspaper.
The night sessions will run from 8:55pm to 11:30pm every Monday to Thursday, but close on Fridays, weekends and holidays.
The Shanghai Gold Exchange allows only institutional investors to trade in the metal. Individual investors can trade through commercial banks in their deposit accounts but can't hold real gold, only "paper gold" as it is known in the industry.
The exchange, China's sole bourse for the precious metal, introduced the 50-gram gold bullion for trading last year, which was considered a step toward allowing individual investors to have direct transactions in the precious metal.
Gold trading volume topped 430.58 tons on the Shanghai bourse in the first half of 2005, a year-on-year rise of 49 percent, while trading value rose 58.96 percent to 49.36 billion yuan (US$6.10 billion).