RECORD high gold prices may not deter Chinese consumers from buying "Year of the Dragon" investment-grade gold bars when they start sales soon.

Dealers have started pre-selling, or booking, for the gold bars. China Gold Coin Co, the nationwide wholesaler of the bullion, has started selling the gold bars, ranging from 50 grams to 1,000 grams, to dealers who will sell the bullion to retail investors. Consumers in Shanghai may be able to buy the bars in two to three weeks, dealers said.

Retail prices for the "Year of the Dragon" bars cost 412 yuan (US$65) per gram for pre-sale compared with 328 yuan per gram for the "Year of the Rabbit" bullion. Under the Chinese lunar calendar 2012 is the year of the dragon.

Gold is traded around US$1,757 an ounce.

Source:Shanghaidaily