(Yicai) Jan. 23 -- The retail price of gold jewelry in China, the world's biggest consumer of such products, has surged to a new record high after global prices of the precious metal reached a two-month peak.

Gold products are retailing for between CNY834 and CNY836 (USD114.45 and USD114.75) per gram, several major Chinese jewelry chains, including Chow Tai Fook Jewellery, Lukfook Jewellery, and Lao Feng Xiang, told Yicai.

The Comex gold price reached US2,770 per ounce yesterday, while the Gold London Fixed Price topped USD2,763 per ounce.

The price of gold jewelry in China briefly fell below CNY800 per gram last month but quickly bounced back above the mark. However, the high prices have suppressed consumers' demand.

Gold prices in China continued to rise and significantly impacted jewelry consumption over the first three quarters of last year, which dropped 11.2 percent to 741.7 tons from a year earlier, according to the China Gold Association. Gold jewelry consumption tumbled 28 percent to 400 tons.

However, sales of gold bars and coins in China, commonly used for asset preservation, jumped 27 percent to 282.7 tons in the nine months ended Sept. 30 from a year earlier.

Jewelry chains are also facing challenges, with Chow Tai Fook's retail value falling 14.2 percent last quarter, according to its unaudited key operating data released yesterday. The figure for the Chinese mainland dropped 13 percent, while that for Hong Kong, Macao and other overseas markets tumbled over 20 percent.

Editor: Martin Kadiev