Asia - SPDR trust becomes first HK gold-backed ETF

SPDR Gold Trust has become the first gold-backed ETF to list on the Hong Kong Exchange. The ETF, sponsored by World Gold Trust Services (a subsidiary of the World Gold Council) is tradable like any other share and is designed to track the price of gold. It invests in SPDR Gold Shares, which are backed by physical allocated gold bullion, and will be denominated in Hong Kong dollars. Investors can buy as little as one board lot of 10 shares, with each share priced at approximately 10% of the spot price for an ounce of gold. James Burton, chief executive officer at the World Gold Council...