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Gold will touch US$730 (HK$5,694) per ounce this year, closing in on last year's peak, according to William Lee Tak-lun, president of the Chinese Gold and Silver Exchange Society.
Lee reflected the bullish sentiment in the gold market as the exchange Wednesday marked the first trading day in the Year of the .
In May 2006 , gold hit a 26-year high of US$730 per ounce. In London Wednesday it was trading at US$657.75 per ounce.
Lee said the 97-year-old exchange is gradually paving the way for a public listing while also building up market infrastructure.
"The first step this year is to launch an electronic trading platform," Lee said. Currently, the exchange uses an open outcry method of dealing, with trading from 9am to 5pm.
Lee predicts trading volumes will multiply once the exchange begins electronic trading. Trials will be carried out in the second quarter, with the aim of going electronic in the third quarter.
A HK$12 million investment has been made in the new computer-based trading platform, provided by i-Asia Online Systems.
Lee said the system will allow for multi-currency trading and enable after- hours trading to match the opening hours of overseas markets.
Secretary for Financial Services and the Treasury Frederick Ma Si-hang attended the ceremony marking the first trade Wednesday. Ma said the economy had performed well in the Year of the Dog and growth would continue this year. But he cautioned investors to assess their own cap
acity and targets before putting money into an equities market that was at new highs.
He said the market was easily affected by external factors, including the US property market and US interest rates, as well as mainland economic growth.
Referring to the US$730 per ounce projection for gold, Ma said the price was "basically supported by the real demand for gold globally, especially from countries including China and Britain."
The appreciation of the yuan and the weakening greenback would stimulate gold demand in the mainland, Ma said.
The first trade for 99 tael gold in the Year of the was quoted at HK$6,128 per tael, the highest Lunar New Year opening price in the past five years. It compared with HK$5,228 last year, HK$3,888 in 2005, HK$3,763 in 2004 and HK$3,438 in 2003.
The price of 99 tael gold slipped 1.35 percent to HK$6,133 per tael from the closing price last Friday.
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發表於 2007-2-22 16:04:50
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