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MEDIA RELEASE - Brexit may push Gold price beyond Rs. 32,500
The world’s largest gold producer and consumer has convinced itself that time has come to launch its own benchmark price. Shanghai Gold Exchange has launched today yuan-denominated gold fix, with setting the benchmark price at $39.69/gm, or 256.92 yuan/gm. This is perhaps the beginning of new era as there have been discussions for a long why there is no gold fix in the Asian region when Asia (including Middle East) is the largest consumer of physical gold in the world. It will be interesting to see how China would boost its influence on global bullion market with this initiative.
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