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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (42605)	10/10/1999 1:54:00 PM
From: Alex	Respond to of 116804

10/10/99 - China Raises Gold Prices <Picture> BEIJING (Oct. 10) XINHUA - The People"s Bank of China, the nation"s central bank, announced that both the purchasing and selling prices of gold on the domestic market will be raised effective today. According to bank officials, the adjustments have been made in accordance with the price changes on international gold market. The purchasing price of gold will increase by 21.89 percent to 85.20 yuan (10.26 U.S. dollars) per gram from the current level of 69.90 yuan per gram. The selling price will be up 21.88 percent, from the former 71.30 yuan per gram to 86.90 yuan per gram. The central bank has lowered gold prices three times before, in a move to narrow the gap between domestic and international market prices. The officials said that the use of price controls to adjust gold prices is actually a way of adapting gold prices to the market, and that this will have a good effect on the gold industry and state-owned gold businesses in particular. Enditem 10/10/99 12:22 GMT