Why Hong Kong is turning to Shanghai to build a gold hub

Hong Kong has struck a deal with the Shanghai Gold Exchange (SGE) to deepen cross-border connectivity in bullion trading, as the city steps up efforts to build a broader gold ecosystem spanning trading, clearing and storage. The agreement comes as gold prices hit a record high of US$5,110 per ounce on Tuesday morning, buoyed by geopolitical tensions and growing expectations of lower US interest rates, which have revived demand for the precious metal as a safe-haven asset. A government official...