Gold futures primed for launch in Shanghai

The Shanghai Futures Exchange (SFE) released details relating to the standard gold future contract at a road show on Wednesday, China Business Net reported (in Chinese). According to the implementation rules, each contact is worth 1,000 grams of gold with a required margin of US$2,466 for each position. A total of 131 SFE members opened 3,904 trading accounts during the road show. The new futures contract opened at US$28.5 per gram of gold and closed at US$28.75  per gram, a gain of 0.9%. Gold futures will be formally launched on the Shanghai Future Exchange on January 9.