Hong Kong launches new micro gold trading platform GoldZip
- Hong Kong’s new gold trading platform will allow investors to trade in units as small as a single gram
- The Year of the Pig is expected to see continued gains for gold prices, according to the Chinese Gold and Silver Exchange Society
Hong Kong’s local gold exchange will introduce in March a new trading platform called GoldZip which will allow investors to trade in units as small as a single gram for HK$300 (US$38), in an effort to raise the appeal of the yellow metal among younger retail investors.
The platform will accept Hong Kong dollars, US dollars and yuan.
“The new platform will attract more retail and tech-savvy investors to trade spot gold,” he said.
A single tael, equivalent to 37.5 grams, goes for HK$12,532.80. Enabling trade in single gram lots will lower the cost of buying gold to as little as HK$328, before commission fees.
“At a minimum investment price of HK$328, parents can help their children to use their lai see money to buy gold. Young employees can also spend a few hundred dollars every month to buy gold as a type of saving and investment,” he said.