The National Development and Reform Commission announced penalties on Monday for gold retailers in Shanghai found guilty of manipulating prices.

Five retailers, including Shanghai-listed Shanghai Lao Feng Xiang Co Ltd, were fined 10.6 million yuan ($1.63 million) for price-fixing, said Xu Kunlin, head of the price department of the NDRC, in an interview on CCTV.

The amount equals 1 percent of their 2012 sales. Lao Feng Xiang shares rose 4.49 percent on Monday.