Golden hour: why Hong Kong may finally succeed in becoming precious metal’s trading hub

Hong Kong has long been a significant center for gold jewelry, attracting international buyers due to its duty-free status and proximity to a major gold-consuming market. Two years ago, Hong Kong officials aimed to establish the city as a global gold trading hub, a goal met with skepticism given past failed attempts. However, these doubts began to diminish in early July with the announcement of a new central clearing and settlement system. This system is coupled with a delivery connection to the Shanghai Gold Exchange, marking a significant step towards achieving the city's ambition.