The Hong Kong Gold Exchange has been established to take over the business of the Hong Kong Silver and Gold Exchange

The Hong Kong Gold Exchange, formerly known as the Hong Kong Gold and Silver Exchange, has announced its establishment, taking over all operations from the former, including trading in gold, silver, and other precious metals. The chairman of the Hong Kong Gold Exchange, Zhang Dexi, stated that he hopes to provide advice to the Hong Kong government, aiming to assist Hong Kong in becoming a gold trading center in the short term. On Wednesday (the 18th), the Hong Kong government announced the establishment of the "Task Force on Promoting the Development of the Gold Market" (hereinafter referred to as the "Task Force"). Three members from the Hong Kong Gold Exchange, including Zhang Dexi, Vice Chairman Li Weihong, who is also a Legislative Council member, and another Vice Chairman, Xie Manquan, have been invited to join as unofficial members of the Task Force. Li Weihong indicated that after coordinating the schedules of all members, the Task Force is expected to hold its first meeting "soon." Zhang Dexi hopes that the primary discussions of the Task Force will include not only Hong Kong's existing position in gold trading but also issues related to gold brand certification and industry standards. In addition, he also hopes to establish a significant and recognized international gold vault in Hong Kong, as this move is quite important for making Hong Kong an international gold trading center. Chairman of the Hong Kong Gold Exchange, Zhang Dexi Currently, the place for storing gold in Hong Kong is a vault located at the airport. Zhang Dexi admitted that the vault capacity he suggested to the Hong Kong government in earlier years was relatively conservative. Although the Airport Authority intends to increase the vault capacity, it also values locations outside the airport, including the Northern Metropolis and even the Lok Ma Chau Loop area for building new vaults. Zhang Dexi explained that since the airport vault is located in a restricted area, it aims to facilitate the transshipment of gold; however, he has told gold traders that the settlement is not convenient. In contrast, if a vault is established in Lok Ma Chau, it is hoped that this will successfully engage with the mainland in developing gold product-related "connectivity." Zhang Dexi hopes that the newly established vaults in the future can provide incentives for gold-related businesses to settle in Hong Kong, promoting arbitrage and currency exchange while also strengthening Hong Kong's status as an offshore Renminbi center, and establishing Renminbi gold pricing power in countries along the "Belt and Road" initiative. Regarding the business of the Hong Kong Gold Exchange, Zhang Dexi hopes to enhance transparency and accelerate corporate governance; the Hong Kong Gold Exchange will transition from a public company with over 100 shareholders to a limited company, emphasizing that it welcomes international members to join. In addition, regarding gold price trends, Zhang Dexi indicated that although gold prices are "not high yet," he is slightly more conservative about the outlook for gold prices recently. He believes that the foreign trade policies and interest rate trends following Trump's presidency will affect gold price movements. He predicts that the chances of a significant downward adjustment in gold prices are low, expecting gold prices to stabilize above $2,500 per ounce, with an upward target of $2,850 per ounce. (Reporter: Kuang Weixuan)