Today's gold market is a round-the-world, round-the-clock business, played out largely on dealers' trading screens. The core of the business, however, remains in the key markets of London, as the great clearing house, New York as the home of futures' trading, Zurich as a physical turntable, Istanbul, Dubai, Singapore and Hong Kong as doorways to important consuming regions and Tokyo where the Commodity Exchange (TOCOM) sets the mood of Japan. Even Paris still has a small market, a reminder of the days when the French were great hoarders, while Bombay (Mumbai) has increasing importance under India's liberalized gold regime that permits official imports through local markets.

These regional markets reflect the growing pattern of liberalization of the gold trade since the early 1990's. Until then, many countries either forbade the direct import of gold, or imposed high import duties, so that smuggling was substantial to countries such as Turkey or India. Today, however, relaxation has meant that local markets and exchanges can flourish legitimately.

1. New York Gold Market

New York does not have a substantive market. New York only exist the future exchange. Some as Hong Kong future commodity exchange, one of the product future commodity exchange is Hong Kong. Commix (Commodity Exchange) in New York carry various kind of future commodity exchange, include gold etc. market trading base on buying or selling in future.

2.London Gold Market

Gold market are big different between London and other market there are no fix exchange hall. Not like Hong Kong stock market centralize is alliance exchange of stock exchange hall, it’s trading business volume mainly deal by 5 commodity gold dealers, the small gold dealer’s business are rely on those 5 commodity gold dealer. So the trading volume would not be accurate as New York. But still the 2nd biggest gold market.
Due to London has not a fixed trading hall, as they can trade freely as they like to trade. Therefore every place in the world, transaction called (Local London or Loco London) this noun reality is outside trading, means not to have to go to trade or setter in London. This trading style traded in united state call gold future, and also call spot gold. The difference traded is N.Y. is they have to settle the deal forwards end of the mouth. His London market is trading in spot. Everyday they have fixing time at 5:00 pm HKT (am fixing) and (pm fixing) summer time at 5:00 pm HKT & 8:20 am HKT. Winter time will prolong one hour extra. Gold fixing are negotiated by the gold dealers usually can be settled in 5-10 minutes. If in the fluctuated market, it may take one hour or more for fixing.
During the period for the price fixing. All the transactions are suspended, but this fixing is only for spot gold, big movement will not be occour..
London gold market trading as ounce per unit. Each unit is 100 ounces.

3. Hong Kong Gold Market

Inception of the Chinese Gold and Silver Exchange Society dates back to 1910 when we began operation as the "Gold and Silver Exchange Company". In 1918, the Exchange formally registered in the name of the Chinese Gold and Silver Exchange Society. About a century ago, there were only odd lot gold and silver trading in the territory. Small scale banking counters appeared later, which gradually led to the emergence of bank houses and modern banks. The Exchange was established in wake of the thriving development of Hong Kong's banking industry. Members of the post-war management were founders of leading Chinese banks in Hong Kong.

Since its establishment, the Exchange has adhered to a stringent and effective set of rules. Although constantly tested, the integrity of industry members is always upheld. Moreover, it plays a vital role in Hong Kong's gold market. The Exchange provides local and international investors with a gold market of continuity, liquidity and depth, in which they can exploit gold as a vehicle of investment, speculation, hedging and arbitrage.

The Exchange, except for the Pacific War years of 1941 to 1945, provides services to investors on every trading day. In January 1980 when the Soviet army invaded Afghanistan, the price of gold soared to a record high of HK$4,855.00 per tael on 18 January, before plunging down to a low of HK$3,590.00 on 23 January, marking a sharp volatility of $1,200.00 in only a few days. Unable to cope with this severe fluctuation, all major gold markets suspended trading. Thanks to great versatility and a sound market system, the Exchange was the only market in the world where trading continued as usual.

In early February 1983, plummeting oil prices, tightening of the US Federal Reserve's monetary policy and rising rates brought great volatility to the price of gold again. Gold markets in the US and Singapore suspended trading but the Exchange remained open. The above incidents fully demonstrate the Exchange's ability to ensure trading continuity.

As for liquidity, investors have realized their gold bullion and closed out gold positions smoothly and swiftly over the past decades. Not one complaint has been reported. One significant example is that on 15 January 1970, the Exchange abandoned the then prevailing 945 fineness and adopted 99 fineness as the standard for pure gold. It was a step to meet demand of the gold jewelry industry. At that time, the people of Hong Kong had more than 100,000 taels of 945 fineness gold between them, and the Exchange bought all 945 gold by paying a price based on the 99 fineness standards. Consumers got the full value of their gold investments, and there were no disputes. This piece of history illustrates our members' integrity and the high liquidity of the Exchange. Note: 945 fineness is a 94.5% gold bullion; 99 fineness is a 99% gold bullion.

Depth is best used to describe our strength. While the Exchange is subject to varying market situations due to fluctuation in gold prices, the strength we display in market strong runs is impressive. In the early 1980's when the gold market staged stellar performance, more than 2 million taels of gold were traded on the Exchange daily. History shows that our member firms are establishments of great strengths. They can cope well with large trade volumes in a bullish market.

Hong Kong has secured a key position in the international gold market. This important role is attributed to a number of factors. They include political stability, free trade, a respect for private ownership, a sound and established legal system, good communications networks, sophisticated telecommunications facilities, a strong financial system and a stringent regulatory system. Yet another important factor worth noting is that Hong Kong spans across the Asia time zone and it provides pricing information for the gold market after the close of New York market and before the opening of the London market. Because of this connection, international investors can continue their trading, hedging or arbitrage activities in Hong Kong. Effectively, the emerging of Hong Kong gold market turns the trading of gold around-the-clock.

4.Physical Gold Delivery

Usually the global gold market dealing is the gold paper money a different with physical gold. Buying & selling gold paper money is for hedging. If you predict gold will goes up in the future, you will buy the gold paper money in advance. Unit maturity date will take physical gold delivery. On the contrary on the other hand. You can sell first, and do the physical gold delivery on maturity date. This will cause buying and selling the gold paper money. And sometimes the physical gold delivery transactions are involved.
European & American use a special test pencil to identify the genuine of gold. But in Hong Kong are using the old fashion style, is to test by naked eye and to touch by their hands. Besides the credit, they pure base on more than 10 years time experience to distinguish the gold is genuine or not. Generally speaking, original gold bar has not been polished. The luster is muter. Not like ornamental gold such glittering. And the gold bar engraves the gold broker (trade-mark) and also can takes in the hand to sense of reality. Our group has a lot of well experiences specialists, can distinguish & identify, in order to assist your need. Our organization has a lot well experience professional persons, who can verify the true or false, and give futher assistance to you need.