All that glitters

PUBLISHED : Thursday, 27 March, 2008, 12:00am
UPDATED : Thursday, 27 March, 2008, 12:00am

World Gold Council to list fund in Hong Kong this year

The World Gold Council is to list its New York-listed StreetTracks Gold Shares, a gold exchange-traded fund (ETF), in both Hong Kong and Tokyo later this year, according to a spokesman for the council. However, he said that the date had not been confirmed. The StreetTracks Gold Shares was first listed on the New York Stock Exchange Arca in November 2004. And it is now also listed on the Singapore Stock Exchange. The fund allocates shares, which are backed by gold bullion, held in the World Gold Trust. And, as of this month, the trust held 663.83 tonnes of gold. The price of gold had climbed above US$1,000 an ounce as investors had continued to flock to the gold market as a means of hedging against a weak dollar, rising inflation pressures, geopolitical and financial risks, said the WGC in a research note. It has since fallen back. There is an ETF that tracks the Jefferies CRB Index, a commodity index, but there is no gold ETF listed on the Hong Kong Stock Exchange.