Gold futures up on Shanghai debut

Gold futures being traded for the first time in Shanghai on Wednesday rose as much as 10%, Bloomberg reported. Gold for June delivery rose to the equivalent of US$988 an ounce, nearly US$100 above the metal’s world price on Wednesday, itself a record. A weak US dollar and inflationary concerns fueled gold’s rise. On the Shanghai Gold Exchange, metal for immediate delivery rose to a high of US$815.63 an ounce before settling at US$814.21 an ounce.