BEIJING -- China's benchmark prices for spot interbank gold transactions were lower Monday, according to the China Foreign Exchange Trade System.

The benchmark price for gold of 99.95 percent pure or above stood at 402.38 yuan ($60.3) per gram, down 1.13 yuan from the previous trading day, and that for gold of 99.99 percent pure or above was 1.27 yuan lower at 402.74 yuan per gram.

Spot transaction prices on the interbank price inquiry market are allowed to rise or fall within 15 percent from the benchmark prices each trading day.

The interbank gold price inquiry business was introduced in 2012 to enhance market liquidity and enrich trading models.