The Shanghai Gold Exchange plans to launch evening gold trade in southern China in the fourth quarter of this year, to allow domestic firms to trade the precious metal when London and US markets are open.
Gold prices hit 17-year highs of $460.10 an ounce last week, as fears of inflation and uncertainty about the US economy spurred fund buying.
"At the moment, we stop at 3:30 pm just as London is opening. This move allows our firms to be tied in to what's happening in London and New York," he said.
Evening trading is slated to be launched in the final quarter in the booming southern city of Shenzhen, he said. Trading between the hours of 8:30 pm and 11:00 pm would dovetail with daylight hours in London and New York.
The exchange's 18 Shenzhen-based firms account for between a fifth and a sixth of daily turnover, the exchange official said. The city is next to Hong Kong, the entry point for gold imported into mainland China.
The Shanghai exchange trades gold of 99.95 and 99.99 percent purity, a 50 gram contract, two forward contracts, and a platinum contract.
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