China's benchmark interbank gold prices lower Tuesday

BEIJING, Feb. 28 (Xinhua) -- China's benchmark prices for spot interbank gold transactions were lower Tuesday, according to the China Foreign Exchange Trade System.

The benchmark price for gold that is 99.95 percent pure or above stood at 413.16 yuan (about 59.43 U.S. dollars) per gram, down 0.79 yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above went down 0.97 yuan to 413.04 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.