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Home >> Business
UPDATED: 17:23, November 14, 2005
Craze for commemmorative bullions drives up gold price to record high
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The price of gold has risen to a new record high in China as the craze for keeping gold bullions in commemoration of the 12 symbolic animals gains momentum in the country.

Information from Caishikou General Merchandise Store in southern Beijing said 300 kg of the gold bullions in commemoration of the year of the dog - 2006 were sold on the first day when the gold bullions issued by China Gold Coins Corporation were put on the market on Nov. 9.

In ancient times, the Chinese assigned each year with an animal as a token in accordance with a cycle of 12 years. Dog are 11th place in the zodiac.

The price for the commemorative gold bullions shot to 135 yuan (about 16.65 US dollars) per gram this time, compared to 99 yuan (12.2 US dollars) per gram for the year of goat in 2003, said Wang Chunli, General Manager of Caishikou General Merchandise Store Co.

The price of pure gold on the Shanghai Gold Exchange has been hovering around 120 yuan per gram in recent days, compared to 83.50 per gram when the exchange began operating in November 2001.

Information from the Shanghai Gold Coins Investment Co., the sole sale underwriter of the commemorative gold bullions, disclosed that altogether 2,490 kgs of commemorative gold bullions, with six specifications, would be issued for the year of dog, the highest amount so far.

China started to issue gold bullions in commemoration of the symbolic animals of the zodiac in 2002. So far, similar commemorative gold bullions for the years of the goat, monkey, rooster and dog are available.

Source: Xinhua

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