Domestic gold prices hit record high as international markets soar
- Source: Global Times
- [05:20 November 19 2009]
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Gold products on display in a jewllery store in Huaibei, Anhui Province. Photo: IC
By Li Qiaoyi
Domestic gold prices, spurred on by surging world markets, have generally kept rising since early this month, and reached a new record high yesterday.
Gold prices ended up 0.38 percent from the previous day for 99.95 percent pure gold at 250.33 yuan ($36.66) per gram, and rose 0.36 percent for 99.99 percent pure gold at 250.28 yuan per gram on the Shanghai Gold Exchange yesterday.
Gold prices of the two major types have increased by about 8 percent since early this month.
Shanghai gold futures closed up 0.58 yuan (8 cents) at 249.49 yuan ($36.54) per gram on the Shanghai Futures Exchange yesterday, hitting a new high since gold futures started being traded on the market since January 2008.
The surging domestic prices are in line with developments in the global market that is see-ing gold prices on the upswing. US December gold futures rose 20 cents to a record high of $1,139.40 per ounce or $36.63 per gram on the New York Mercantile Exchange Tuesday.
The weakening dollar helped boost investors' confidence in gold price hikes, said Wang Ruilei, a gold analyst with CGS, a Chengdu-based gold investment firm.
