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Monday, 14th November 2005 (5404 views)

Gold is trading at a record high in Shanghai as Chinese consumers clamour after newly-issued gold bars commemorating 2006, the year of the dog.

China Gold Coins has been issuing gold bullion celebrating each of the 12 "Shengxiao" - sacred animals symbolising the year each person was born - for four years.

Gold bars commemorating each year of the rooster, monkey and goat got the craze started.

But this year the bars' popularity has reached a new high, with eager punters snapping up 300 kgs of gold "doggy bars" on the first day of trading, according to Caishikou General Merchandise Store.

Some 2,490 kgs' worth will be issued in total, more than any other year.

The consumer gold frenzy has had a major impact on the yellow metal's price in the country.

The gold bars are trading at 135 yuan per gram, much higher than the 99 yuan per gram they were fetching last year.

Pure gold is trading at around 120 yuan on the Shanghai Gold Exchange, up from 83.50 when the exchange started in 2001.

 

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