Successful Debut of SICOM Gold Deferred Settlement Contract
Singapore Commodity Exchange’s (“SICOM”) new Gold Deferred Settlement Contract (“SICOM Gold contract “) was successfully launched on 30 March 2010.
During the first day of trading, there was continuous bid-ask quotes from market makers throughout the trading hours with spreads ranging between 1 tick (US$0.10) to 5 ticks (US$0.50). The total volume traded for the first day was 11,916 lots and the settlement price was the Gold Market PM Fixing Price at US$1,107 (per troy ounce).
SICOM’s CEO Jeremy Ang said, “We are encouraged by the excellent trading interest and diverse mix of trading participants for the contract on the first day. With the rising demand and strong appeal of investing in gold, we are optimistic with the long term growth of this contract.”
SICOM Gold contract is priced as a spot contract with deferred settlement. Trading hours of this contract are from 8.30am to 10:00pm (Singapore time) during daylight saving hours.