Gold futures launch in Shanghai

News

The Shanghai Futures Exchange launched trading in gold futures on January 9. The contract size was set at 1,000 grammes (1 kilo) rather than 300 grammes, as earlier announced, to attract institutional and professional traders and discourage speculative trading by individuals.

The eight contracts - the six-month contract and the succeeding seven monthly contracts, June, July, August, September, October, November and December 2008 - all began trading at a price of 209.99 renminbi ($29.20) a gramme.

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