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The bourse operator on Wednesday physically delivered 145 kilograms of gold, the highest single-day amount since the product was launched in 2018, according to a statement posted on HKEX’s official WeChat account, as reviewed by the South China Morning Post.

The figure was more than double the previous record of 63 kilograms set in December 2018.

The surge followed HKEX’s relaunch of the contract on July 6, marking the exchange’s fourth attempt since the 1980s to establish a viable gold futures market.

“Gold futures can help to hedge price risk for investors and leveraged exposure without holding physical metal,” said Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers.

Physical gold bar delivery in Hong Kong is handled through HKEX’s approved depository, currently Brink’s Hong Kong, he said. Upon final settlement, ownership of the gold is transferred from the seller’s vault account to the buyer, with the contract settled in U.S. dollars.

Average daily trading volume reached 9,974 contracts from July 6 to August 19, while total trading value reached US$1.35 billion. More than 30 market participants had traded the contract since its relaunch, according to the exchange.

Gold prices rose after the U.S. Treasury announced on Wednesday that it would at least double the size of its liquidity-support buyback operations for long-dated bonds, Reuters reported. The precious metal was trading at about $4,602 at the time of publishing, up 6.5% since the start of the year.

The HKEX milestone comes as Hong Kong takes broader steps to strengthen its bullion ecosystem. On July 7, the city launched a trial of a centralized gold clearing and settlement system.

The measures also include Delivery Connect, a partnership with the Shanghai Gold Exchange that allows market participants to deposit physical gold holdings into a designated vault operated by the Shanghai Gold Exchange’s International Board in Hong Kong.