Gold price hits another historical high. The Shuibei Gold and Jewelry Trading Market in Shenzhen is booming. However, in Shuibei, the largest gold and jewelry distribution center in mainland China, some gold bar merchants have noted a significant increase in customers buying gold bars.
The Shanghai Gold Exchange shows that on October 18th, the morning price of gold reached 619.51 yuan/gram, which is nearly 30% higher than the price of 480 yuan/gram at the beginning of the year.
Reported by the Economic Daily News on October 21st, since mid-October, international gold prices have been continuously rising, and the price of gold in mainland China has also seen a sharp increase from 590 yuan/gram on October 10th to the current 623 yuan/gram, a rise of over 30 yuan per gram.
On social media platforms, Ms. Wang expressed, “It’s just outrageous. It was only 480 yuan/gram in January this year, which already felt expensive at the time, and now it’s over six hundred.”
“I wanted to buy, but it kept rising, so I didn’t dare to. If I had bought in May, it was only over five hundred per gram at that time. The price is too high now, and on top of that, there’s the craftsmanship fee.”
In Shuibei, the largest gold and jewelry distribution center in mainland China, on October 19th, the gold price reached 623 yuan/gram. Despite the continuous price increase, every gold counter was crowded with people. However, some gold bar merchants mentioned that the number of customers buying gold bars has significantly increased lately. “The customers buying gold bars have decreased during this period, while the sellers have increased. Now, most people are selling their gold bars and waiting for the next price surge.”
“Our gold prices are real-time prices for the day. On the 18th, there were three to four price changes. Gold prices fluctuate with the market at any time,” said a staff member from a gold shop in Shuibei. The price of gold on the 19th was 623 yuan/gram, and on October 18th, it was even higher, reaching up to 626 yuan/gram.
The report mentioned that although gold consumption has been hot recently, according to data from the World Gold Council, after the peak sales season around the lunar new year, gold jewelry consumption has sharply declined, and this weak trend has continued in the third quarter.
“The number of customers buying gold bars has decreased during this period, while those selling have increased. Of course, if you believe the price will continue to rise, you can still buy. It all depends on your judgment.”
A gold bar merchant stated that currently, with gold bar prices at 623 yuan/gram at a high level and a certain price spread between buying and selling, many consumers do not have a significant demand for purchasing gold bars. “Most people are now selling their existing gold and then waiting for the next price surge.”