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Hang Seng Launches HK's First Physical Gold ETF; Rate Cut Expectations Boon to Future Gold Prices
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HS GOLD ETF (03170.HK) debuted today (29th), marking Hong Kong's first physical gold exchange-traded fund (ETF). The fund opened at HKD18.4 per unit, 15% higher than its issue price, reaching an intraday peak. It settled at HKD17.44, up 9%, with a turnover exceeding HKD130 million. Rosita Lee, Director and Chief Executive Officer at Hang Seng Investment, stated that the fund supports physical gold withdrawals at banks and currently waives handling fees, which will be determined by the frequency of investor redemptions in the long term. Besides, the fund's bid-ask spread is approximately 6-10 bps. She added that the fund plans to launch a tokenized share class within this quarter, distributed through a digital asset trading platform licensed by the Securities and Futures Commission (SFC), viewing it as an opportunity to extend traditional distribution channels to on-chain investors. Spot gold in the Asian session once surpassed USD5,600 per ounce, reaching new highs. Hang Seng Investment's Chief Investment Officer, Anthony So, predicted that the Federal Reserve will cut rates two to three times from June, each by 25 bps, benefiting major asset classes and reducing the holding cost of non-yielding gold, thus favoring the future performance of gold. However, he cautioned that US tariff policies, geopolitical tensions, and fiscal measures could heighten gold volatility, suggesting a gold allocation ratio of 5-10%. AASTOCKS Financial News Website: www.aastocks.com |
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