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Gold shares shine on bourses (China Daily 10/10/2009 page10) Stocks of Chinas gold miners reached their daily limit soon after the Shanghai and Shenzhen bourses resumed trading on Friday, fuelled by record prices for the precious metal. Zijin Mining, Zhongjin Gold and Shandong Gold rose the maximum permitted 10 percent after the market opened after the eight-day National Day holiday, quickly followed by gold retailer Lao Fengxiang. Zijin Minings shares were also boosted by its announcement that it was acquiring Canadian Continental Minerals Corporation, which, according to the company, could increase the miners gold and copper reserves. Chinese investors fervor for gold is in line with hikes in global prices for gold during the past week. The fervor is a catch-up in the buoyancy on the global gold market while trading was suspended for Chinas National Day holiday, said Yu Zuojie, a market strategist at Shanghai Securities. Spot gold hit a record high of $1,061.20 an ounce on Thursday following three days of consecutive hikes. analysts at Barclays Capital said earlier their outlook on gold was bullish, with a momentum toward $1,120 an ounce now a possibility. Golds advance was stoked by a weakening US dollar and concerns over inflation, both of which increase the appeal of gold as a traditional hedge. Adding to the fervor was a recent report in a British newspaper that Arab states, along with China, Russia, Japan and France, were in talks to move away from using the dollar for oil trading, which further weakens the dollar. Several countries have denied such talks. Chinas gold market closely tracks the global trend, Yu said. Gold retreated to around $1,050 an ounce on Friday. The lust for gold also spread into consumer sector where prices were breaking records. Gold jewelry became a best seller as consumers feared prices will soar even higher. Other non-ferrous metals including aluminum, copper and zinc also hit the rising limit on Friday over expecta