Chow Tai Fook Jewellery (HKG:1929) plans to raise retail prices of most gold products by as much as 18% by the end of October, The Standard reported, citing mainland media.

The plan comes as global gold prices remain elevated, according to the report.

Chow Tai Fook said prices of its gold jewellery will increase by between 12% and 18%, adding that it regularly reviews market conditions and adjusts prices in response to fluctuations in bullion costs, according to the report.

The move follows Laopu Gold (HKG:6181), which is set to announce its third price hike this year after raising prices of core products by up to 13% in August, The Standard said.

Chow Tai Fook said it remains focused on enhancing customer value through new designs and improved service while expanding its market presence, the report added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)