Gold prices fluctuate sharply in China's domestic market

The price of gold on China's domestic market did not remain at its record price of 170 yuan per gram for even one day, falling to 167.18 yuan per gram on Tuesday. On the Shanghai Gold Exchange the price of Au99.95 and Au99.99 closed at 167.18 yuan and 167.61 yuan per gram respectively, a drop of about 6 yuan from the previous day.

On Monday the big surge of gold price with Shanghai Gold Exchange caused the inflation of gold retail price in some interior areas.

On Monday and Tuesday, the Gold Association of Guangdong Province and Shanghai Gold & Jewelry Trade Association increased the base price of gold jewelry. In Shanghai, the price of gold was adjusted from 193 yuan to 197 yuan per gram, a 4 yuan increase.

Beijing Gongmei Gold Department Manager Wang Jian revealed that the retail price of gold in Beijing would be looking on for some time, and the price would not be readjusted. The trend in international gold prices might trigger fluctuation on the Shanghai Gold Exchange, and their influence on the retail market would not be immediately apparent.

By People's Daily Online