Recently, as international gold prices plunged to 890 yuan per gram, a business owner in Wenzhou, Zhejiang province, made headlines by purchasing over 100 kilograms of gold bars in one go, with a total transaction amount exceeding 90 million yuan. The topic of “Wenzhou business owner buying gold bars for 90 million yuan” has sparked attention and discussions on the internet.
According to the Wenzhou Daily, in mid-July, a business owner in Wenzhou bought over 100 kilograms of gold bars at the Industrial and Commercial Bank of China Wenzhou branch, exceeding 90 million yuan, setting a new record for the single transaction amount of physical precious metal trading at the branch in Zhejiang province.
This business owner had been paying attention to gold since the high point of 1040 yuan per gram in May, but did not rush to buy. When the price dropped to around 900 yuan per gram in mid-July, they decisively placed an order, saving about 1.4 million yuan compared to the peak price.
In recent months, international gold prices have been continuously falling. The spot price of gold has dropped significantly from its historical highs, falling below $4,000 per ounce at one point, and the domestic base price of gold has also dropped to around 890 yuan per gram.
Despite the significant fluctuations in international gold prices in recent months, the enthusiasm for gold investment in the Wenzhou market remains high. Reports indicate that the Industrial and Commercial Bank of China Wenzhou branch has sold over 4 billion yuan worth of physical precious metals since the beginning of this year. Banking experts remind the public: gold prices fluctuate greatly, buying gold also requires timing and rational investment, avoiding blindly following trends.
Some netizens believe that amid ongoing global geopolitical conflicts and increased uncertainty in the international situation, gold still retains strong hedging properties. There is potential for gold prices to rise in the future, making gold investment more resilient than investing in certain physical businesses or bank deposits.
However, industry insiders also caution that gold prices in the short term are still affected by factors such as the international financial markets, the trend of the US dollar, and monetary policies. The future trend remains uncertain, and investors should rationally allocate assets based on their risk tolerance, avoiding blind chasing or heavily “bottom fishing.”
A Weibo user named “Moyi residing in Abu Dhabi” posted, stating that the current gold price has not yet clearly bottomed out, urging ordinary individuals not to blindly invest heavily in gold.
As international gold prices decline, domestic gold retail prices have also been adjusted downwards. In late July, several gold jewelry brands have lowered the prices of their 24K gold jewelry.
According to the Beijing Business Daily on July 24th, as international gold prices fall, domestic brand gold jewelry prices have once again been adjusted downwards. Among them, Zhou Shengsheng quoted 1227 yuan per gram for 24K gold jewelry, a daily decrease of 31 yuan; Laomiao Huangjin quoted 1231 yuan per gram for 24K gold jewelry, a daily decrease of 27 yuan; Laofengxiang quoted 1229 yuan per gram for 24K gold jewelry, a daily decrease of 24 yuan; and Zhou Dafu quoted 1231 yuan per gram for 24K gold jewelry, a daily decrease of 27 yuan.
Compared to the high point in January of around 1700 yuan per gram, the listed prices of several brand gold jewelry have cumulatively dropped by about 470 yuan per gram.