The price of gold in mainland China is once again approaching 1000 yuan per gram. On August 23, a merchant in Shuibei, Shenzhen, quoted an investment price of 998 yuan per gram, with another merchant stating that a customer made a purchase of 700 grams at once.
Shuibei Gold and Jewelry Market in Shenzhen is one of the main wholesale and trading hubs for gold and jewelry in mainland China. According to a report by the Daily Economic News on August 23, several merchants mentioned that the number of customers buying and selling gold has significantly increased recently.
One Shuibei merchant mentioned that the gold price has risen considerably lately. Not long ago, the price was just over 800 yuan per gram, but now the investment price has climbed to 998 yuan per gram.
A gold bar merchant stated that a customer bought 500 grams in one transaction the day before, with another individual purchasing 700 grams.
Another silver merchant also shared that they have sold several tens of kilograms of silver bars in recent days, but investors buying gold are still more numerous.
Data from the Shanghai Gold Exchange shows that on August 21, the benchmark price for gold at the midday session was 984.86 yuan per gram, once again nearing the 1000 mark.
According to Reuters, as of the week ending on August 21, international gold prices have risen by over 5%, marking the third consecutive week of increase.
As reported by CNBC, David Morrison, a senior market analyst at the global financial trading services provider Trade Nation, mentioned that the price of gold has rebounded by about 10% from its low point at the end of July, indicating a rapid increase that may lead to a short-term correction.