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Singapore seeks to launch a new Gold contract to challenge the dominance of New York and London.
The SGX Abaxx Exchange plans to launch a one-kilogram physical Gold Futures contract priced in US dollars and deliverable in Singapore next month, which will be the only physical Gold Futures contract in this Asia trading center. The CEO of Abaxx pointed out that the existing London-New York gold market system is "dysfunctional" and cannot meet the demands of Asia.
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