Shanghai Gold Exchange Gold Price
Shanghai Gold Exchange
|
上海黄金交易所 |
| AM SGE Benchmark Gold Price (Yuan per gram) |
PM SGE Benchmark Gold Price (Yuan per gram) |
| Source: | Shanghai Gold Exchange |
- 10:15 AM Shanghai Time AM FIX = 10:15PM New York Time
- 2:15 PM Shanghai Time PM Fix = 2:15AM New York Time.
| Exchange |
Settlement Method |
Physical settlement |
| Shanghai Gold Exchange |
Deliverable Ingots |
Gold ingots recognized by the SGE with a standard weight of 1 kg and a fineness of no less than 999.9 |
Shanghai Gold Exchange launched the Shanghai Gold Benchmark Price Trading on April 19, 2016.
The term “Shanghai Gold Benchmark Price Trading” is a centralized pricing process that involves the issuance of various gold prices as per the corresponding buy and sell orders so that, by the end of multiple rounds of the trading process, the total buying volume and selling volume reach a relative balance and the orders are then matched and executed at the gold price, the Shanghai Gold Benchmark Price.
The trading code of Shanghai Gold Benchmark Price Trading is SHAU. The quotation unit is in RMB/gram. The minimum price fluctuation is RMB 0.01/g. Trades are in multiple of lots, with each lot corresponding to 1 kg. The minimum quotation size is 1 lot, the maximum quotation size is 30,000 lots. T+2 delivery. Relevant product specifications are detailed with Product Specifications for Shanghai Gold Benchmark Price Trading (see below).
The auction runs twice daily with the AM session begins at 10:15an and PM session at 2:15pm. There are five minutes for the issuance of reference gold prices and one minute for the display of Initial Price.
Currently the trading access is not open to individual customers.
|
Item |
Specification |
|
Trading Product |
Gold |
|
Trading Code |
SHAU |
|
Quotation Unit |
RMB / gram |
|
Trading Method |
Centralized pricing trading |
|
Trading Unit |
1 kg / lot |
|
Minimum Price Fluctuation |
RMB 0.01 / gram |
|
Daily Price Limit |
No limit |
|
Minimum Quotation Size |
1 lot |
|
Maximum Quotation Size |
30,000 lots |
|
Matching Method |
By volume |
|
Imbalance Threshold |
400 kg |
|
Minimum Trading Margin |
6% |
|
Transaction Fee |
No commission fee required before June 30 , 2016 |
|
Starting Time for auction |
AM session: 10:15 a.m. PM session: 2:15 p.m. |
|
Reference Price Submission Window |
AM session: 10:09 – 10:14 a.m. PM session: 2:09 – 2:14 p.m. |
|
Round Duration |
First round: 60 seconds for market tendering session + 10 seconds for supplementary tendering session Thereafter: 30 seconds for market tendering session + 10 seconds for supplementary tendering session |
|
Clearing Method |
Delivery versus payment |
|
Settlement Method |
Physical settlement |
|
Delivery Day |
T+2 |
|
Deliverable Ingots |
Gold ingots recognized by the SGE with a standard weight of 1 kg and a fineness of no less than 999.9 |
|
Quality Standard |
Physical gold produced in compliance with SGE gold ingot quality standard SGEB1-2002 by SGE Standard Gold Ingots and Bars Delivery refiners, or standard physical bullions produced by LBMA accredited Good Delivery refiners |
|
Delivery Vault |
Certified Vaults designated by the Exchange |
|
Delivery Fee |
0 |
|
Penalty Rate |
Same as trading margin |
|
Listing Date |
April 19, 2016 |
Source: https://en.sge.com.cn/news-announcement/announcement/537284.shtml
Storage
The SGE currently has a network of 58 Certified Vaults (of which 55 are for gold storage and three are for silver storage) in 36 cities in China covering all major gold refinement and consumption regions, providing physical delivery, transfer, logistics, and transport services to enterprises and individuals across China. International Board Certified Vaults provide additional services relating to the transshipment of physical gold bullion between two foreign trading parties.
Fixing Members and the Reference Price Members.
1. The Fixing Member Name List
Industrial & Commercial Bank of China
Agricultural Bank of China
Bank of China
China Construction Bank
Bank of Communications
Shanghai Pudong Development Bank
China Minsheng Banking Corp., Ltd
Industrial Bank Co. Ltd
Ping An Bank
Bank of Shanghai
Standard Chartered Bank (China) Limited
ANZ Bank (China) Limited
ANZ Bank (China) Limited is in the process of finalizing its internal procedures. It will start to offer the reference price, trade and share the imbalance volume afterwards.
2. The Reference Price Member Name List
China National Gold Group Corporation
Shandong Gold Mining Co., Ltd
Shanghai Lao Feng Xiang Co., Ltd
Chow Tai Fook Jewellery(Shenzhen) Co., Ltd
Bank of China(Hongkong) Limited
MKS(Switzerland) SA
Oversight Committee on the Shanghai Gold Benchmark Price Trading
The Oversight Committee is in charge of the supervision and administration of compliance-related issues of Shanghai Gold Benchmark Price Trading.
1. Shanghai Gold Exchange 3 delegates
2. Industrial & Commercial Bank of China 1 delegate
3. Bank of China 1 delegate
4. Standard Chartered Bank (China) Limited 1 delegate
5. ANZ Bank (China) Limited 1 delegate
6. China Gold Coin Incorporation 1 delegate
7. Baird Mint Co., Ltd 1 delegate
8. The China Gold Council 1 delegate
9. The World Gold Council 1 delegate
