Gold Market Competition Heats Up as Industry Meets in Singapore

The start of a gold-futures contract in Singapore has put the spotlight on a flurry of moves in Asian financial hubs to capitalize on rising interest in the commodity as demand increases and prices surge, just as a dramatic spike in hostilities in the Middle East drove a fresh leg higher.

The BlackRock Inc.-backed Abaxx Exchange began offering a US dollar-denominated contract, sized at 1 kilogram (32.15 troy ounces) and locally deliverable, on Thursday. The move will be among developments highlighted at an industry conference organized by the Singapore Bullion Market Association to be held in the city-state over three days from Sunday.