The base retail price of gold jewelry in Shanghai dropped to 245 yuan a gram from 253 yuan today due to a decline in global prices, Shanghai Morning Post reported today.

The retail price of platinum fell from 590 yuan per gram to 569 yuan today. The adjusted retail price of gold jewelry is 15 yuan cheaper than before May 1 and about 30 yuan cheaper compared with the year's high. That means a 60-gram gold necklace now costs 1,800 yuan less than before.

The retail price of gold jewelry dropped by 13 yuan to 262 yuan a gram on April 1. It tumbled to 256 yuan per gram on April 8 and 243 yuan on May 20. However the price increased 10 yuan to 253 yuan per gram on May 27.

China became the world's second-biggest gold jewelry market after India last year, overtaking the United States.

China will become the world's leading gold producer in 2008, with output reaching 300 tons, according to an estimate made by the China Gold Association last month.

(Shanghai Daily June 11, 2008)