Top Biz News

New rules to make gold shinier industry

By Gong Zhengzheng (China Daily)
Updated: 2006-11-30 08:56

The sector is lucrative as a result of bullish gold prices and growing demand for precious metal in China.

From January to September this year, the sector reported 3.9 billion yuan (US$497 million) in profits, jumping 51.5 per cent year-on-year.

Meanwhile, the sector's output value increased by one-third to 36.9 billion yuan (US$4.7 billion).

Gold demand in China climbed by 3 per cent year-on-year to 62.9 tons in the third quarter of this year amid a tumble of 3 per cent in global gold consumption.

The nation now is the world's third biggest gold consumer after India and the United States.

Prices of the 99.95-aurum gold bullions at Shanghai Gold Exchange, the sole national gold bourse, closed at 161.22 yuan (US$20.55) per gram yesterday, up 0.03 yuan (0.38 US cents).

At the gold exchange, formed in 2001 as a substantial step in the opening of China's gold market, there are 149 members conducting spot transactions with renminbi.

In the first three quarters of this year, gold trade volume at the exchange jumped by 34 per cent to 896.3 tons.