With international spot gold prices reaching a record high of 3,200 U.S. dollars per ounce, yuan-denominated gold futures and spot prices in China surged on Friday, pushing the price of pure gold jewelry above 1,000 yuan (about 136.71 U.S. dollars) per gram.
Data show that the spot gold price on the Shanghai Gold Exchange rose by more than 2.8 percent to 760 yuan per gram during the day, while the dominant gold futures contract on the Shanghai Futures Exchange hit a record high of 763 yuan per gram, up more than 3 percent.
In the retail market, the price of solid gold jewelry increased from 918 yuan per gram on Monday to 990 yuan per gram, marking a 7.8 percent rise for the week.
Qu Rui, deputy director of the Research and Development Department at Golden Credit Rating International Company, said that due to the impact of U.S. tariff policies, international trade policies remain quite uncertain, the U.S. dollar index has plummeted, and risk-off sentiment prevails – all of which provide strong support for gold prices.
After rising more than 27 percent in 2024, domestic gold prices in China have surged over 23 percent so far this year.
Gold prices hit new record amid sweeping US tariffs
Gold prices hit new record amid sweeping US tariffs
Gold prices hit new record amid sweeping US tariffs
Russia and Ukraine have expressed their willingness to hold peace talks for a ceasefire agreement, but each has a different premise, according to officials of the two countries.
Kremlin Spokesman Dmitry Peskov said Wednesday that Russian President Vladimir Putin supports the conclusion of a long-term ceasefire agreement with Ukraine, but a series of detailed issues need to be resolved before that.
Russia has confirmed its willingness to negotiate directly with Ukraine without any preconditions, but Ukraine did not explicitly indicate whether it was ready for this, Peskov said.
Russia needs to reach a peace agreement with Ukraine rather than the United States, and Ukraine should be the other party promoting the peace process, he said.
Peskov reaffirmed that Russia still prioritizes achieving the goals of the special military operation, but it would be even better if they could be achieved peacefully.
On the same day, Ukrainian Foreign Minister Andrii Sybiha said on social media that Ukraine is ready to engage in peace talks in any form as soon as it sees that Russia is ready to embark on a "difficult path to peace".
Sybiha said Russia could demonstrate its willingness for peace talks by agreeing to a "genuine ceasefire" of at least 30 days.
Ukraine will do the same if Russia is prepared to implement a 60-day or even 90-day ceasefire, he said.
Russia, Ukraine willing to hold peace talks but with different premises
