Gold price rally this week

Gold has forged ahead to new highs this week, boosted by news that India's central bank had bought 200 tonnes of the precious metal from the IMF, as well as the Australian interest rate hike.

Gold futures on the London market hit 1,097 US dollars per ounce at their peak on Friday, approaching the 1,100 dollar mark. Domestic gold prices have also rallied.

Both spot gold and gold futures traded above 239 yuan per gram on Friday. Gold jewelry prices are also rising Beijing's major gold stores raised gold jewelry prices on Thursday, with the 999 gold price hitting 273 yuan per gram.

This is the fifth time that domestic gold jewelry prices have risen since March.