Shanghai enters Asia gold race

City capitalizes on technical problems that delay Singapore bullion contract

China will launch its international gold exchange 11 days ahead of schedule, sources said on Tuesday, as the nation races to establish an Asian bullion benchmark at the same time as rival Singapore is forced to delay its gold contract due to technical issues.

Asia, home to the world's top two gold buyers - China and India - has been clamoring to gain pricing power over the metal and challenge the dominance of London and New York in trading.