London is the world gold trading center. In London, gold is priced twice every morning and afternoon. The gold market price of that day was set by the five major gold banks, which has been affecting the transactions between new york and Hongkong. The London gold market has two characteristics. First, the trading system is special, because there is no actual trading place in London, and its trading is completed through an invisible way-the sales contact network of major gold merchants. The second is flexibility. The purity and weight of gold can be selected. If customers demand to sell in distant areas, gold merchants will also quote freight and premium, and can also quote futures prices according to customers' requirements.
Zurich gold market is a spot trading center, and its position in the international gold market is second only to London. The gold market in Zurich has no formal organizational structure, but the three major Swiss banks: UBS, Credit Suisse and UBS are responsible for clearing and settlement. The three major banks not only do customer transactions, but also do gold transactions.
New york and Chicago gold markets in the United States developed in the mid-1970s. At present, the New York Mercantile Exchange and Chicago Mercantile Exchange (IMM) are not only the gold futures trading centers in the United States, but also the largest gold futures trading centers in the world. The two major exchanges have a great influence on the price of gold in the spot gold market.
Hong Kong gold market has a history of more than 90 years, and its formation is marked by the establishment of chinese gold and silver exchange society. As the time difference of Hong Kong gold market just fills the gap between the closing of new york and Chicago and the opening of London, it can connect Asia, Europe and the United States to form a complete world gold market. Its superior geographical conditions have attracted the attention of European gold merchants, and five big gold merchants in London and three big banks in Switzerland have set up branches in Hong Kong. They brought the gold trading activities settled in London to Hong Kong, and gradually formed an invisible local "London gold market", making Hong Kong one of the major gold markets in the world. (Long Investment)
Source: China Economic Net Comprehensive