International major gold market

The gold market is a place where is focus on trading gold, and exists in around the gold exchange. Gold Exchanges are generally in various international financial centers, as an important part of the international financial markets. Currently, there are more than 40 gold markets around the world, and is forming the global market framework：The international gold market is as the core, and the local gold market is as the auxiliary.

The four major important international gold exchange markets are: London Gold Market, America Gold Market, Zurich Gold Market and Hong Kong Gold Market. However, London gold market prices have a greater influence on the world gold market price.

London Gold Market

London gold market or London bullion market is the largest world gold market with a long history. In 1804, London replaced Amsterdam as the center of world gold trading. In 1919, the London gold market was officially established, twice fixing gold price in a business day. The London fixing price affects trading in New York and Hong Kong. In 1982, the London gold market specializes in spot trading; in April 1982 futures market opened.

The London bullion market is a over-the-counter market for gold and silver trading. The bullion is traded among members of the London Bullion Market Association (LBMA), regulated by the Bank of England. London gold priced is in U.S. dollars, using the unit of ounces. Gold offer is mainly based on the gold spot price in the London market. Its gold fineness standard are 995, 9995 and 9999 three kinds.

American Gold Market

American gold market is developed in the middle of 1970s, mainly the COMEX division of New York Mercantile Exchange, and later is incorporated the CME. American gold market is mainly in gold futures trading, currently it becomes the world's largest trading volume and most active gold futures market, it also is the most efficient and complex futures trading organization. The major trading objects of American gold market are gold, silver, copper, and some financial derivatives, gold futures and gold options trading are in the first of the world, and are recognized as precious metals trading center. At present, the varieties transactions are gold futures, Mini options, options and funds.

The New York Mercantile Exchange (NYMEX) is a commodity futures exchange. In 1975, the New York Commodity Exchange (COMEX) was starting forward trading of gold, and became the center of the forward trading of gold in the world. In August 2008, it was owned and operated by CME Group of Chicago.

Zurich Gold Market

Zurich gold market is developed after World War II. Since the 1960s, Zurich has become the world's second largest gold trading market. Zurich gold market has no formal organizational structure, responsible for the liquidation by the three major Swiss banks: UBS, Credit Suisse and Union Bank of Switzerland.

Zurich gold market is without gold price fixing system. In the any given time of each trading day, the trading price is agreed based on the supply and demand, that prices is for Zurich official gold price. Whole day fluctuation in the gold price on this basis is not subject to price limits restrictions.

Zurich gold market is without gold price fixing system. In the any given time of each trading day, the trading price is agreed based on the supply and demand, that prices is for Zurich official gold price. Whole day fluctuation in the gold price on this basis is not subject to price limits restrictions.

Switzerland is not only the world's largest new gold transit station, and is also the world's largest private gold storage center. Zurich gold market’s position in the international gold market is after London.

Hong Kong Gold Market

Hong Kong gold market is with more than 90 years of history, and the most important is Chinese Gold and Silver Exchange Society (CGSE) which was opened in 1910 as the Gold and Silver Exchange Company and changed its name in 1918. Hong Kong Gold Market mainly consists of three parts: the Hong Kong Gold and Silver Exchange which developed on the basis of the traditional gold market, the local London gold market is established by the London and Zurich branches gold dealers, as well as the Hong Kong Mercantile Exchange gold futures market.

The CGSE plays an important role in Hong Kong's gold market. In the time difference, Hong Kong Gold Market fills empty time of the New York, Chicago and London markets. It can be coherent in Asia, Europe, and the United States, so as to form a complete world gold market, which promotes Hong Kong to become one of main world gold market. Hong Kong gold market is the only one area to have physical gold trading, the invisible market and the futures market.

The global gold market is a cross continents trading network with 24 hours of continuous operation. In addition to the above four international gold markets, Tokyo, Sydney, Dubai, Singapore, Mumbai, Rio de Janeiro, Shanghai are world famous gold markets.