Several mainland Chinese gold brands saw their prices for 24 karat gold jewelry approaching 1330 yuan per gram on August 12th, a rise of over 100 yuan since mid-July. The international spot gold price surged by over 7% in the past week, reaching above $4400 per ounce on the 12th.
According to a report by “Shell Finance,” on August 12th, Chow Tai Fook quoted their 24 karat gold jewelry at 1329 yuan per gram, while Chow Sang Sang priced theirs at 1328 yuan.
On July 14th, the quoted prices for Chow Tai Fook and Chow Sang Sang’s 24 karat gold jewelry were 1217 yuan and 1214 yuan per gram, respectively. Therefore, the price per gram of gold jewelry for both brands has increased by 112 yuan and 114 yuan in the past month.
In recent times, the price of gold has been continually on the rise. Data from the Shanghai Gold Exchange shows that the morning price of gold in Shanghai rose from 882.23 yuan per gram on August 3rd to 955.49 yuan per gram on the 12th, a cumulative increase of about 73 yuan.
On the international market front, according to Reuters, as of 2:15 PM Eastern Time on the 12th, spot gold had risen by 0.9% to $4406.64 per ounce, while US gold futures increased by 0.6% to close at $4467.50 per ounce.
Suki Cooper, the Director of Commodities Research at Standard Chartered Bank, stated that factors such as central bank gold purchases, geopolitical risks, and diversification in asset allocation are still present, and the price of gold may once again approach $5000 per ounce.
The World Gold Council predicts that global central bank purchases of gold this year may be lower than last year. The flow of funds in gold exchange-traded funds, actual interest rates, and the trend of the US dollar could also lead to significant fluctuations in gold prices.