HKGX opens in year of snake with gold price rising by HK$328

Business

2025.02.03 11:38

Opening ceremony of Hong Kong Gold Exchange. (DotDotNews)

On Feb. 3, the Hong Kong Gold Exchange (HKGX) held its spring opening ceremony and unveiled its new establishment.

The exchange commenced trading with a focus on 99.99% gold and offshore renminbi kilogram bars, marking a positive start to the Year of the Snake. The opening price for 99.99% gold was set at HK$25,928 per tael, an increase of HK$328 compared to the last trading day's price of HK$25,600. The first transaction for offshore renminbi kilogram bars was priced at 660.08 RMB.

Dr. Haywood Cheung, Chairman of the Hong Kong Gold Exchange, commented on the gold market outlook, noting that challenging the US$3,000 mark for gold prices is an initial goal. He mentioned that while current prices are considered high, there may be potential for a pullback.