Polymetal: direct access to the Shanghai Gold Exchange is still limited

15/11/2023

Image source: pixelied.com / pixabay.com

Direct access to the Shanghai Gold Exchange remains limited for foreign companies. This is stated in the response of the gold mining company Polymetal, registered in the AIFC, to a request from an inbusiness.kz correspondent . "The generally accepted global price benchmark for gold is still the LBMA price (London Bullion Market Association - London Bullion Market Association - Note) . At the same time, direct access to the Shanghai Exchange for foreign companies is limited and associated with significant difficulties. Polymetal is guided precisely for the London fixing due to its availability, the company's membership on the exchange, and the fact that the National Bank of Kazakhstan and other key counterparties use it in their contracts. The National Bank has the priority right to purchase refined gold in Kazakhstan. Polymetal does not export metal bypassing priority right of the National Bank,” a representative of the gold mining company wrote in an email. At the beg

Subscribe or log in to read the full content without limitations.

Source and Credit: inbusiness.kz

284