Singapore seeks to rival London and New York with new gold contract

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Financial Times 15h ago

Singapore seeks to rival London and New York with new gold contract - Financial Times

Quick Summary:

The blistering bullion rally this year has seen prices repeatedly hit record highs, propelled by concerns about economic growth, diversification away from the US dollar and strong demand from Chinese and other Asian investors.

The bourse is majority owned by Toronto-listed software group Abaxx Technologies, which has a market capitalisation of about $235mn and is aiming to reach break-even during 2026, according to Crumb.

Gold will be the fifth contract launched by Abaxx, which debuted its first last year. Its existing contracts — carbon, liquefied natural gas, nickel sulphate and lithium carbonate — have so far not attracted large volumes of trades.