Gold loses its luster

Despite occasional spikes, Shanghai gold prices have mirrored the global downturn, as the strengthening US dollar and declining oil prices combine to take the sheen off the yellow metal.

Although the price of the most actively traded gold futures contract for December delivery rose a slight 0.61 percent to 180.30 yuan per gram yesterday on the Shanghai Futures Exchange, the contract has dropped an aggregate 14.9 percent since mid July.