Understand the world's gold trading market

The seven major gold trading centers in the world

At present, seven major gold trading centers have been formed in the world. They are: 1. Zurich: Zurich, Switzerland, has become one of the world's gold trading centers in the 1930s due to the support of its strong banking industry. Since the 1960s, Zurich has become the world's second largest gold trading market. The joint efforts of the three major Swiss banks have enabled Zurich to maintain its position as the center of the world's gold trading. 2. London: The London gold market in the United Kingdom is the oldest gold trading market in the world, with a history of nearly 300 years. Before 1968, it held a monopoly in the acquisition of South African gold and its gold reserves. But in 1968, the London Gold Market was temporarily suspended, giving the Zurich market an opportunity, thus ending its monopoly era. 3. New York: The New York Mercantile Exchange is the world's largest gold futures trading market. Since the demonetization of gold on December 31, 1974, the city has occupied an important position in the world's gold trade. The purchase of real gold in the United States is often provided by small gold dealers, so futures trading over the phone becomes the main transaction entity. 4 Tokyo: Japan is a gold-poor country and relies almost entirely on imported gold. Since 1973, Japanese gold traders have allowed direct import of gold. By 1980, Japan's gold market was completely lifted and developed rapidly. Japan's gold futures market plays an important role. Gold trading volume in Tokyo is equivalent to two-thirds that of New York. 5. Singapore: Singapore’s physical gold market was established in 1869. After 1973, Singapore became a free gold trading market. In 1992, Singapore's gold imports accounted for 20% of the world's total gold transactions, establishing the country's important position in physical gold transactions. 6. Hong Kong: Hong Kong’s highly developed jewelry manufacturing industry is destined to play an important role in the world’s gold market. The daily trading volume of Hong Kong's "Gold and Silver Trade Center" is 150,000-200,000 taels. 7 Sydney and Melbourne: As gold trading centers, Sydney and Melbourne are based on Australia’s dominant position as a major gold-producing country.