Prices for gold and platinum jewellery are expected to hit record highs on the Shanghai market after a rise in benchmark prices.

Gold jewellery is set to reach 193 yuan (23.8 U.S. dollars) per gram and platinum 333 yuan (41.1 U.S. dollars) per gram, said Xu Wenjun, secretary-general of Shanghai Gold Jewelers Guild.

The adjustment, the fifth this year, seemed unavoidable as the average price for premium gold at the Shanghai Gold Exchange rose to a record 159 yuan per gram last week.

The guild therefore raised the benchmark price for pure gold jewellery from 182 yuan (22.44 U.S. dollars) per gram to 191 yuan (23.55 U.S.dollars) on Tuesday.

It also hiked the reference price for platinum jewellery of 326 yuan per gram by three to five yuan per gram.

Source: Xinhua