As the price of gold continues to fluctuate considerably, people who want to invest need to take time to explore available options. Two new prospects might help some people to make a decision about how they are going to invest in gold. Myanmar will gain a new gold exchange thanks to the assistance of Hong Kong and Shanghai just opened a new futures market with the help of Dubai.
Developments in Myanmar
The talks about what is going to happen in Myanmar are still ongoing. Officials from Hong Kong are trying to help open a gold exchange in Myanmar because they believe the support is there for the country to be able to sustain an exchange. Myanmar isn’t known as a tech-savvy or particularly modern country. Officials hope that the introduction of a gold exchange will spur the country in the direction of modernization.
Hong Kong will serve as an advisor to the officials in Myanmar for a fee. While the fee structure hasn’t been disclosed, the information and assistance provided will likely be valuable. This is the first time that Hong Kong has endeavored to expand its bourse internationally.
New Market in Shanghai
A new futures market is up and running in Shanghai. The Dubai Gold and Commodities Exchange announced that the yuan-dominated contract is based on the Shanghai Gold Benchmark Price. This is an historic development for the gold market. The DGCX Shanghai Gold Futures is the first time that the Shanghai Gold Benchmark Price has been used for an international gold market standard.
The opening of this new futures exchange is big news for gold investors. This enables them to have access to the largest bullion market, which contains 55 certified gold vaults and serves millions of private and institutional customers. The DGCX Shanghai Gold Futures connects investors to options that weren’t previously available on a single platform, which streamlines the trading process for many.
With these two developments, investors can start looking into more international markets for their gold holdings. Watching how the Shanghai futures exchange performs over the next few months and keeping an eye on what happens between Hong Kong and Myanmar on the gold exchange should prove interesting.
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