LONDON, 19 April 2016 – Today's launch of a new gold 'fix' in Chinese Yuan by the Shanghai Gold Exchange is "hugely important" according to some commentators, says US investment news-site MarketWatch, but it cannot yet reflect a global price says BullionVault head of research Adrian Ash.
It will remain "just another measure of localized demand and supply, rather than a tool for global traders," Adrian explains on MarketWatch today, "until China abolishes its ban on exports of gold bullion.
"Like India, China is a Hotel California for gold bullion. Metal goes in, but can't come out (not legally anyway. [That] really restricts Shanghai's ability to challenge London's role as the world's central vaulting and dealing point."
Get the full story at MarketWatch here:
