PRECIOUS METALS | HKEX Sets Record Daily Volume in U.S. Dollar Gold Futures

Hong Kong Exchanges and Clearing said its U.S. dollar gold futures hit a record for daytime trading volume, with 6,676 contracts traded. According to Jin10, the exchange said the figure surpassed the previous record of 3,039 contracts set on November 7, 2022. HKEX said bid-ask spreads for active-month contracts narrowed to one to two ticks. It said the August contract spread was as low as $0.01, equivalent to one tick, while the December contract spread was as low as two ticks. The exchange said it has continued to roll out optimization measures for its U.S. dollar gold futures contracts, drawing participation from banks, securities firms, high-frequency trading institutions, traders, gold producers, and consumer companies. HKEX said the development was a step in improving its gold product system and advancing its diversified asset ecosystem strategy, and would further support Hong Kong’s goal of becoming a leading international center for gold trading and storage.