China's gold prices hit new highs amid global market rally

BEIJING, April 16 (Xinhua) -- As international gold prices continue to climb, gold prices in China have reached record highs.

On Wednesday, several major gold brands reported prices for pure gold jewelry exceeding 1,000 yuan (about 138.63 U.S. dollars) per gram, marking an all-time high.

Driven by the surge in global markets, the spot gold price on the Shanghai Gold Exchange rose to above 775 yuan per gram, while the main gold futures contract on the Shanghai Futures Exchange climbed to 777.36 yuan per gram, with both reaching all-time highs.

Several institutions, including Goldman Sachs and JPMorgan Chase, have upwardly revised their gold price forecasts.

Analysts attribute this trend to heightened concerns over a potential U.S. economic recession fueled by the impact of U.S. tariffs. Traditional safe-haven assets like U.S. treasuries have experienced significant volatility, prompting many investors to shift their focus to gold.

"High market uncertainty, coupled with continued gold purchases by central banks worldwide, is providing support for gold prices," said Steven Lu, head of trading of Heraeus Precious Metals Technology (China) Co. Ltd.

So far this year, spot gold prices denominated in yuan have risen by approximately 26 percent, nearing last year's full-year increase.