China's benchmark interbank gold prices higher Friday

BEIJING -- China's benchmark prices for spot interbank gold transactions were higher Friday, according to the China Foreign Exchange Trade System.

The benchmark price for gold that is 99.95 percent pure or above stood at 406.47 yuan ($57) per gram, up 2.06 yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above went up 1.55 yuan to 405.9 yuan per gram.

Spot transaction prices on the interbank price inquiry market are allowed to rise or fall within 15 percent from the benchmark prices each trading day.

The interbank gold price inquiry business was introduced in 2012 to enhance market liquidity and enrich trading models.