Trade in gold sparkles on price rise
(Xinhua)
Updated: 2006-08-08 15:43 A sustained rise in the price
of gold has ignited Chinese investors' enthusiasm for trading in the precious
metal, the Jiefang Daily reported Tuesday.
Against a background of increasing international prices, domestic gold price
has risen from 130 yuan per gram at the beginning of the year to currently over
170 yuan per gram.
The higher prices have boosted trading volumes. Information from the Shanghai
Gold Exchange shows that in the first six months, the turnover of gold on the
exchange reached 88.058 billion yuan (11 billion U.S. dollars), up a whopping
78.41 percent in value terms and close to the turnover figure for the whole of
2005.
This represents a volume of 572.57 tons of gold traded on the Shanghai Gold
Exchange, up 32.97 percent year on year.
Twenty-two financial institutions, including China's Minsheng Bank, have
become institutional members of the Shanghai Gold Exchange this year, bringing
the total number of institutional members to 130, the newspaper said.
Analysts expect the gold market to remain bullish until the end of the year
thanks to a weak U.S. dollar and high oil prices.
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