Gold Price Hong Kong
Hong Kong is officially known as the Hong Kong Special Administrative Region of the People’s Republic of China. Hong Kong is an autonomous territory in China, located south of the Chinese mainland. The area has a population of over 7 million people and it is one of the world’s most densely populated regions.
Hong Kong was made a special administrative region of China in 1997. It operates under a one country-two systems philosophy that allows Hong Kong to maintain a very high degree of independence from China. With the exceptions of defense and foreign affairs, Hong Kong runs its own government.
Hong Kong is one of the globe’s major financial centers, and the area has become a major destination for travelers and tourists.
The official currency of Hong Kong is the Hong Kong Dollar. Like many other global currencies, the dollar can be subdivided into 100 smaller units of currency called cents. Hong Kong’s currency is issued and controlled by The Hong Kong Monetary Authority. This authority is the region’s de facto central bank, and it was founded in April 1993.
If you are looking to buy gold in Hong Kong, you will likely see prices quoted in the local currency. In addition, prices may also be available in other key currencies such as U.S. Dollars, Great British Pounds, Japanese Yen or euros. Gold is typically quoted by the ounce, gram or kilo.
The Chinese Gold and Silver Exchange is located in Hong Kong. This exchange dates back to 1910, and it is the only exchange in Hong Kong that facilitates the trading of physical gold and silver. The exchange features a membership system, and it now has over 170 members. The exchange trades 99 tael gold and kilobars through an open outcry system as well as other gold products.
The exchange features an accredited assay center, the “Hong Kong Precious Metals Assay Centre.”
Numerous gold coins have been produced for Hong Kong over the years, and some of the coins may be highly collectible. Some of the series that are derived from the region include the Royal Visit, Dragon, Snake, Goat, Monkey, Pig, Tiger and more. Because Hong Kong was a British colony from 1842 until 1997, many of its gold coins were minted by the British Royal Mint and pay tribute to Her Majesty, Queen Elizabeth II.
These types of coins can make a great addition to any coin collection or portfolio, but may also come at a higher per-ounce cost compared to widely issued standard bullion coins. Collectible coins are valued not only for their metal content, but also for their face values, mintage, condition, relative scarcity and other factors. Dealer and collectibility premiums on rare coins or proofs can fluctuate, and such coins may not be as liquid as standard bullion coins. If you are looking to acquire as much gold as possible, then bullion bars and coins may be preferable to collectibles.
With Hong Kong’s rising status as a global financial center, the gold trade in the region could increase significantly as demand grows.