Shanghai's gold retailers will lower their benchmark price for gold jewellery by 8 percent as of Tuesday, tracking falls in local and international gold prices, the official Shanghai TV said.
The benchmark price for retail gold will drop to 180 yuan ($22.48) a gramme from 196 yuan, while the price for platinum will fall 359 yuan per gramme from 383 yuan, the station said, quoting a local industry association.
Chinese gold jewellery is priced using a benchmark tied to gold values, with an additional charge for design and workmanship. Shanghai's benchmark gold contract, fell 7 percent in over the last week. The contract stopped at 147.69 yuan a gram on Monday, down 2 percent.