As reported by Wall Street Journal’s Joanne Chiu:
HONG KONG—The Hong Kong Mercantile Exchange began trading U.S. dollar-denominated gold futures on its electronic platform Wednesday, in an attempt to lure commodities traders in Asian-Pacific economies away from bourses in Chicago and London.
The exchange, which was originally slated to launch trading by the end of 2009, offers a 32-troy-ounce gold futures contract priced in U.S. dollars with physical delivery in Hong Kong. Trading hours are from 8 a.m. to 11 p.m. Hong Kong time, overlapping commodity markets in Europe and the U.S. Hong Kong is 13 hours ahead of Chicago and seven hours ahead of London.
HKMEx gold for August delivery ended trading Wednesday at $1,498.50 a troy ounce. A total of 3,929 contracts were traded.
“With our launch today, we are well on our way to becoming the world’s gateway for commodities trading with China,” said Albert Helmig, the exchange’s president.