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World Gold Council proposes digital model for gold ownership and trading

The World Gold Council has a new plan to allow investors to hold and trade digital versions of the yellow metal, issued on the same day the gold price set another record.  At the core of the proposal are Pooled Gold Interests (PGIs), which would allow investors to hold fractional, digital claims on physical gold stored in approved vaults, according to a white paper. The concept could be rolled out early next year.

The system is designed to merge the security of allocated gold with the ease of trading associated with unallocated accounts, while reducing credit risk. PGIs would also be electronically transferable, opening the door for gold to be more widely used as collateral or margin. Gold extended gains to a new all-time high on Wednesday, powered by growing bets on a US interest rate cut, as the market weighs key economic indicators ahead of the Federal Reserve meeting in two weeks.

Spot gold rose another $30 to $3,560.85 an ounce, setting records on back-to-back days. US gold futures also peaked at $3,627.70 per ounce in New York.

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