Jane Chen / Shanghai Daily news

Jewelers in Shanghai have marked up the retail price of gold jewelry form 138 yuan (US$16.7) per gram to 143 yuan, following the global gold price hit its 16-year high of US$449.10 per ounce yesterday, the Shanghai Morning Post reported.
Price of gold bullions offered by Shanghai Laofengxiang Co Ltd, a leading jeweler, to mark he coming new Lunar Year of Rooster has also climbed from 127 yuan per gram to 129 yuan, according to Lu Jin, a Laofengxiang official.
Despite the price rise, local market reactions have remained hot to the gold sale, Lu said.
About 70 kilograms of gold bars have been reserved in the past three days since the company started the reservation.  Most of local investors buy the bars for collection or to present them as gifts. "That's why smaller bars as 50-g and 100-g pieces are best selling," Lu explained.
The bullions are availed in five sizes and the other three are of 31.25, 200 and 500 grams.
The bullions are refundable.  After three months of the purchase, investors will be able to refund them at the jeweler at the closing gold price of the previous day, according to Laofengxiang.
China Gold Coin Inc, the country's sole wholesaler of gold bars and coins, has also reported positive responses from local market for its annual issuance of gold bullions to celebrate the coming new year.
Only yesterday, the allocation of 100 kilogram of bullions of the Year of Rooster for Shanghai market has been booked out at the price of 129 yuan per gram, Shanghai Morning Post said citing sources close to the company.