The price of gold on the international market hit 541 US dollars per ounce on Monday. Trading in gold ornament products in Shanghai reached 165 yuan per gram, from 157 yuan starting from Tuesday. This is the 17th time that Shanghai Gold & Jewellery Trade Association has readjusted the price since 2005, a rare frequency in history, reports the International Finance News on Tuesday.

The benchmark ornament gold price changed in accordance with international gold price and the Shanghai Gold Exchange, analyzed Xu Wenjun, secretary general of the Shanghai Gold & Jewellery Trade Association. The price hike has been widely attributed to the recent market worries about the global economic inflation impact, unstable international geopolitics, and growing enthusiasm from investors in addition to the great amount of investment funds' buying. As a result, the price of gold has hit an all-time high for the past 24 and half years.

Under the influence of the international price of gold, the price of Au 99.99 was set at 140 yuan per gram on Monday, the highest record since the launch of the Shanghai Gold Exchange on October 30, 2002. This will surely bring a big-margin rise to the raw materials of gold. Due to this, the retail prices of gold armaments in Shanghai are up.

It is learned that the price of platinum on international market registered 1,015 US dollars per ounce on Monday, a new high for the past 26 years. Due to this, the current retail prices for all-brand platinum ornaments have been readjusted correspondingly. Starting from December 13, the price of platinum ornaments in Shanghai was raised to 306 yuan per gram.

Experts analyze that influenced by the repeated new highs in the price of international gold, the possibility will not be ruled out that there will be another price hike of gold ornaments in Shanghai before the coming Spring Festival.

By People's Daily Online