Zhang Dexi, Chairman of the Hong Kong Gold Exchange, stated at the Lunar New Year opening ceremony of the Hong Kong Gold Exchange in the Year of the Horse that recent tensions in the U.S.-Iran situation have driven up gold prices. Gold prices have steadily increased from over $3,000 per ounce to more than $5,000, and currently, gold remains in the early to middle stages of a bull market. If war eventually breaks out, after a slight adjustment, gold prices are likely to rise again and may challenge $6,000 per ounce in the second or third quarter.
According to Zhitong Finance, Zhang Dexi, Chairman of the Hong Kong Gold Exchange, stated at the Lunar New Year opening ceremony of the Hong Kong Gold Exchange that recent tensions in the Iran-US situation have driven up gold prices. Gold prices have steadily risen from over $3,000 per ounce to more than $5,000. Currently, it appears that gold remains in the early to middle stages of a bull market. If war eventually breaks out, after a slight adjustment, gold prices are likely to rise again and may challenge $6,000 per ounce in the second or third quarter.
He also noted that the participation of the Shanghai Gold Exchange in the newly established Hong Kong Gold Central Clearing System will help enhance the reliability of deliveries. The interconnectivity of the gold markets between Mainland China and Hong Kong is foreseeable in the near future. It is believed that the central clearing system established by the Hong Kong government will help reduce gold trading costs while enhancing stability and security.
In addition, to align with the Hong Kong government’s policy of establishing an international gold trading center and to strengthen trade, transactions, and logistics ties with the global gold industry, it was also announced that a formal collaboration with Yibot Technology under Alibaba (09988) has been initiated to develop an international precious metals trading platform, clearing and settlement systems, as well as a digital commodities blockchain.
