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Gold output in the Chinese mainland captured a new record high in 2005 and will continue to grow steadily this year, driven by soaring gold prices, according to an industry organization.

The mainland's gold output last year rose by 5.51 percent to 224.05 tons from 2004, according to statistics from Beijing-based China Gold Association.

Lu Wenyuan, the gold association's vice-chairman, predicted yesterday that the 2006 gold output would increase by 6 percent or more from last year.

"Domestic gold manufacturers are expanding production aggressively to cash in on the bullish gold prices," Lu told China Daily.

Gold prices in China have been growing fast since last year, following hikes in the international market.

Last month, domestic gold prices moved up to the zenith of 145 yuan (US$17.9) per gram. In New York, prices of the precious metal reached a 25-year high of US$577 per ounce (equal to 31.1 grams) in January.

Analysts said gold prices in China would maintain the upward trend this year.

Cui Lin, from Antaike Information Development Co Ltd, a metal industry consultancy based in Beijing, forecast gold prices in China would reach around 156 yuan (US$19.3) per gram this year.

But the price of the 99.99-aurum gold bullions at the Shanghai Gold Exchange, the sole of its kind in the mainland, closed at 143.15 yuan (US$17.67) per gram yesterday, down 0.46 yuan (5.7 US cents) from Tuesday.

Helped by strong gold prices, the Chinese mainland's gold mining sector reaped robust growth in profits last year.

The sector's 2005 profits amounted to 4.04 billion yuan (US$498.8 million), surging 32.7 percent from the previous year, according to statistics.

Cui said the sector's profits would continue to grow rapidly this year as a result of bullish gold prices.

Meanwhile, gold demand in the mainland will also remain strong, said the World Gold Council, the London-based gold marketing organization funded by global leading gold mining firms.

"The strong economy (of China), the success of K-gold (18-carat gold with Italian-inspired design) and the growth in the number of people willing and able to buy high-quality jewellery should support gold demand growth in 2006," the World Gold Council said.

"The Chinese Year of the Dog is also considered generally auspicious for weddings, and this should help the traditional 24-carat jewellery market in particular."

The mainland's 2005 gold demand totaled 253.1 tons, up 8 percent from 2004, according to a press release provided by the World Gold Council yesterday.

The demand included 241.4 tons of gold jewellery, up 8 percent year-on-year, and 11.7 tons in the form of retail investment, up 20 percent.

The China Banking Regulatory Commission started to allow domestic commercial banks to sell gold bars and coins to individuals as retail investment at the end of 2004, representing a major breakthrough in the opening of the mainland's gold market.

Gold trade volume in the Shanghai Exchange, which now has 128 members conducting spot gold transactions with renminbi, jumped by 36.24 percent to 906.42 tons last year from 2004.

(China Daily February 24, 2006)