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Thursday, 15th July 2004 (5000 views)

China Goldsilver (CGS) Co Ltd has announced that gold bullions that went on sale formally on Monday in south China.<BR/><BR/>The unprocessed lumps were sold in the southern town of Shenzhe, which faces Hong Kong across the Shenzhen River in the Guangdong province. The business office of China Merchants Bank Headquarters, awarded a monopoly on the trading of gold bullions, announced that it sold 106 ounces within one hour of sale. <BR/><BR/>The gold bullions in Shenzhen were sold in three sizes - two ounces, five ounces and 10 ounces, with 99.99 percent in gold purity, CGS general manager Zhou Li'ang revealed. Prices for gold are set by CGS using the London precious metals market as the yardstick and the prices from the Shanghai Gold Exchange as the reference.<BR/><BR/>The People's Daily Online reports that a man, identified simply as Zhang, spent more than 230,000 yuan ($27,700) buying 18 gold bullions weighing 69 ounces.<BR/><BR/>"The overall gold pricing trend on the domestic market goes in tandem with that of the international market. Investors should familiarize themselves with the long-term gold pricing trend of the international market if they want to make investments in gold," Mr Zhou advised.<BR/><BR/>Investors' demand for gold has continued to increase internationally over the past years, with 140 tons of gold sold last year in Guangdong province alone, accounting for more than a half the country's total gold sales.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=6024025"/>

 

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