Shanghai gold futures sparkle

The Chinese gold market yesterday joined the global buying spree, as jittery investors rushed to the yellow metal in droves to seek refuge from the weakening greenback and the bleak outlook for the US economy.

Gold futures on Shanghai Futures Exchange rose sharply with the most actively traded gold contract for June delivery rising 0.64 percent to 184.2 yuan per gram. The contract has climbed an aggregate 6.4 percent in the past week.

The spot price of Au9995, the most actively traded physical gold product on the exchange, rose 1.2 percent to 186 yuan per gram, with the turnover surging 53.7 percent from the previous trading day to 1.16 billion yuan.