HKEX Dollar-Denominated Gold Futures Hit Record Daily Volume

Stock News07-06 19:58

The Hong Kong Exchanges and Clearing Ltd. (HKEX) has reported that its US dollar gold futures contracts achieved a new daily trading volume record on July 6th.

During the day session, a total of 6,676 contracts were traded, surpassing the previous record of 3,039 contracts set on November 7, 2022.

The bid-ask spread for active month contracts narrowed to between one and two ticks. The spread for the August contract was as low as 0.01 US dollars, equivalent to one tick, while the December contract's spread was as low as two ticks.

The HKEX has consistently implemented enhancements to its US dollar gold futures product, drawing active participation from a diverse range of market participants.

These include banks, securities firms, high-frequency trading institutions, traders, gold producers, and consumer goods companies.

This milestone represents a significant step in the exchange's strategy to refine its suite of gold products and deepen its multi-asset ecosystem.

It is expected to further bolster Hong Kong's development as a premier international hub for gold trading and storage.

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