BEIJING, May 20 (Xinhua) -- With the U.S. dollar-denominated spot gold price hitting about 2,450 U.S. dollars per ounce, the RMB-denominated gold prices also shot up to new highs on Monday.

Data from the Shanghai Gold Exchange showed that the price of gold that is 99.99 percent pure or above rose to a new high of 578 yuan (about 81 U.S. dollars) per gram on Monday afternoon and closed at 573.8 yuan per gram, climbing 2.2 percent from the closing on Friday.

The price of gold jewelry has also been on the rise. In Chow Tai Fook, a well-known gold retailer in China, gold jewelry price reached an all-time pinnacle of 743 yuan per gram on Monday, up 19 percent from the beginning of the year.

"Recent U.S. inflation data has fueled expectations that the U.S. Federal Reserve could cut interest rates this year, driving up gold prices," said Liu Richeng, a gold market analyst, adding that geopolitical uncertainties also heightened popular enthusiasm for the safe-haven assets. Enditem

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