Gold futures on Shanghai Futures Exchange rose sharply with the most actively traded gold contract for June delivery rising 0.64 percent to 184.2 yuan per gram. The contract has climbed an aggregate 6.4 percent in the past week.

The spot price of Au9995, the most actively traded physical gold product on the exchange, rose 1.2 percent to 186 yuan per gram, with the turnover surging 53.7 percent from the previous trading day to 1.16 billion yuan.The US Federal Reserve on Tuesday lowered the target range for the benchmark federal funds rate to zero to 0.25 percent.

The continuous fall in the US dollar has further dented market sentiment, driving larger and larger amounts of international funds to gold.StreetTracks, one of the world’s largest gold funds, yesterday increased its gold positions in the spot market by 3.98 tons to 769.2 tons.

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