Gold surpassed a record $5,000 an ounce as investors look for safe places to put their money amid global turbulence and uncertainty driven by US President Donald Trump's policies.

Hong Kong leader John Lee outlined in a speech on Monday his ambitions to build "an international gold trading market and commodities trading ecosystem in Hong Kong".

The deal between the two cities will "set in motion a cross-boundary, trade-clearing system for the precious metal", Lee said.

Hong Kong's main precious metals depository is at its airport and authorities said in 2024 that it was "nearing its full capacity" of 150 tonnes.

The move aims to expand gold storage capacity to 2,000 tonnes within three years and will mark "Hong Kong's rise as a regional gold reserve hub", Lee said on Monday.

The agreement was signed at the Asian Financial Forum held in Hong Kong, with signatories including chairman of the Shanghai Gold Exchange Yu Wenjian and deputy governor of the People's Bank of China Zou Lan.

The new agreement builds on proposals from Lee's policy speech last year to establish a government-owned central clearing system for gold in Hong Kong and to expand gold storage facilities.

That central clearing system is on track to begin trial operations this year, Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui said on Monday.