In Asia, gold fetched a 16-year high of 445 US dollars an ounce in early trading. Here in China, the price of gold is also on the rise.

Analysts said the price will rise further by the end of the year, with the peak consumption period approaching.

To Chinese people, gold is not only used for jewelry and ornaments, but is also an investment tool together with deposits and stocks.

In the first nine months, China's gold output reached 149 tons, up by 7 percent. Demand for gold has obviously been a major factor, topping 112 tons during the first half of the year.

The Chinese mainland now ranks fourth in the world in both gold output and demand.

Source: CCTV.com