This makes little sense if gold is supposed to act as a hedge against rising inflation: evidence of a stronger economy should make bullion rise, not fall.

The latest surge in bullion—nominal prices this week topped $1,050 an ounce, a record—has generated headlines that would not have been seen if nickel had reached a new peak.

Pricing of the CGS bars is based on daily gold prices on the London Precious Metal Exchange, with quotations on the Shanghai gold Exchange serving as a reference.