International gold prices continued their two-week upward trend on Wednesday, reaching historic highs for both spot and futures gold prices. Analysts generally believe that the momentum for gold price increase is strong, with some even predicting gold prices could rise to $3000 per ounce in the future. However, there are differing opinions on whether to buy or sell.
On Wednesday, international gold prices continued to rise, setting new records. London spot gold was reported at $2756.03 per ounce, up by 0.26%; while COMEX futures gold was at $2770.5 per ounce, with a 0.39% increase.
Since the previous increase on October 10th, spot gold has risen by a total of $144.30 per ounce, surpassing a 5% increase. At the same time, COMEX futures gold has risen by over $139 per ounce, totaling a 5.30% increase.
On Wednesday, the highest selling price for 24K gold jewelry reached 815 yuan per gram in China. Data from the Shanghai Gold Jewelry Industry Association showed prices at 813 yuan per gram for Laofengxiang, China Gold, and Chow Tai Fook brands.
Furthermore, the upward trend in gold prices has extended to the silver market.
According to Bloomberg, bullish sentiment has spread to the entire precious metals market. Silver prices have approached $35 per ounce, reaching the highest level since 2012.
As gold prices continue to surge, there are fewer buyers but more sellers. Mr. Qin, a gold shop owner in Jining, Shandong Province, mentioned a seller cashing in 2.34 million yuan worth of gold.
He said, “This month alone, we have collected over ten kilograms of gold, including a 4-kilogram sale and several one-kilogram sales. The largest one was a 4-kilogram gold sale at 587 yuan per gram, totaling approximately 2.34 million yuan in cash. Currently, gold prices have risen to over 610 yuan per gram.”
Mr. Qin also noted that higher gold prices attract more sellers, but sales volume might decrease.
Experts in the gold recycling industry share the same perspectives.
Multiple industry professionals interviewed by Jiupai News stated that there has been an increase in inquiries recently, indicating a noticeable improvement in business. The decision to sell gold varies based on individual needs, with some selling for urgent cash needs while others see it as an investment opportunity and may continue to monitor the rising gold prices.
A gold recycling store owner at Shuibe market in Wuhan pointed out that the price of gold typically rises by about 100 yuan each year, and breaking 600 yuan recently was not unexpected. He mentioned, “The higher the gold price, the more suitable it is for selling. However, unless it’s a necessity, it’s not recommended for ordinary people to buy gold at high prices.”
Analysts generally believe that the upward momentum for gold remains strong. Major contributing factors include geopolitical tensions, global central bank rate cuts, market uncertainties, and robust physical market demand.
Some analysts anticipate gold prices reaching $3000 per ounce.
Ci…