Prices for gold and platinum jewellery are expected to hit record highs on the Shanghai market after a rise in benchmark prices.

Gold jewellery is set to reach 193 yuan (US$23.8) per gram and platinum 333 yuan (US$41.1) per gram, said Xu Wenjun, secretary-general of Shanghai Gold Jewelers Guild.

The adjustment, the fifth this year, seemed unavoidable as the average price for premium gold at the Shanghai Gold Exchange rose to a record 159 yuan per gram last week.

The guild therefore raised the benchmark price for pure gold jewellery from 182 yuan (US$22.44) per gram to 191 yuan (US$23.55) on Tuesday.

It also hiked the reference price for platinum jewellery of 326 yuan per gram by three to five yuan per gram.

(Xinhua News Agency April 26, 2006)