China ready to open individual bullion trading

China is to open spot gold trading to individual investors next month.

Speaking to Interfax, an official from the Shanghai Gold Exchange (SGE), Tong Gang, said that investors would be able to trade at a minimum volume of 100 grams through institutions holding SGE membership.

"The official launch of spot gold trading for individual investors nationwide will be someday in July. However, the exact date is yet to be decided," Tong said.

"The Industrial and Commercial Bank of China (ICBC) and Industrial Bank have already launched spot gold trading on a trial basis of the 99.99 per cent gold benchmark as well as 100-gram-gold to individual investors. Other commercial banks will also gradually launch their own spot gold businesses."

Day trading will run from Monday to Friday, between 10:00am and 11.30am, and from 1:00pm until 3:30pm. Night trading will run from Monday to Thursday between 9:00pm until 2:30am.

Individual gold bullion trading will be done together with Industrial Bank, the Xinhua news agency reports.