CHINA will launch a new contract today to set a “benchmark” price for gold bullion in the world’s biggest producer and consumer of gold, as part of efforts to increase its influence in pricing of the precious metal.
The yuan-denominated gold fix will be launched on the Shanghai Gold Exchange this morning, with the benchmark price at 257.97 yuan (US$39.83) per gram, said a statement released by the exchange yesterday.
this from Shanghai Daily, whats that $1130 US ??
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