Recently, international gold prices have seen a continuous decline, with spot gold experiencing a weekly drop of over 3%. During the period of continuous surging gold prices before this, a group of mainland Chinese university students who flooded into the gold market suffered losses, with some even saying they had “lost their living expenses”. This piece of news quickly made its way to the top of trending searches.
According to Dahe Daily, a large number of university students rushed into the gold market, investing in gold ETFs or buying gold savings through financial platforms. However, as the gold prices plummeted, the first group of “victims” surfaced. Some expressed that they had “lost their living expenses”, while others mentioned that they had “lost a day’s earnings in a month”, “no more money to buy more”, and “lost 50 after buying 2000, and exited the market”.
On Weibo, in the comment section of this news, hundreds of users chimed in.
Simple Environmentalist: That’s exactly me, lose as soon as I buy.
Uzbek guy named Xiaogala: I am one of the “victims”, give me back my money, I’m done playing.
Obscure Viewer: Graduated with debts.
Starry Stuck Person: So who can tell me, should I sell now or buy?
User 6098899689: The current price of gold is not an investment price at all, but a price to catch the falling knife. Real investors are already looking for selling points and cashing out at this time.
The report mentioned that experts stated that ordinary investors, especially inexperienced university students, are at a disadvantage when facing global capital and professional institutions and should not blindly enter the market.
At the beginning of January and April this year, international gold prices experienced two rounds of rapid increases, soaring from $2,600 per ounce at the beginning of the year to $3,400 per ounce.
After hovering around $3,300 per ounce for about 4 months, on September 2, spot gold once again broke through the $3,500 per ounce mark and hit a historical high of $3,600 per ounce on September 6. Just 10 days later, on September 16, the London spot gold price reached $3,700 per ounce, breaking through the $3,800 per ounce mark on September 23.
Starting from October 1, gold prices began another round of escalation, with the price of gold futures on the New York Mercantile Exchange hitting a historic record of $3,923.3 per ounce on October 2, and the London gold price also hitting a historic record of $3,896.6 per ounce on the same day, followed by some retracement.
On October 6, the international spot gold price once again broke through $3,900 per ounce, reaching over $4,000 per ounce for the first time on October 8, setting a new historical high.
On October 17, after the international spot gold price surpassed $4,379.38 per ounce at its highest point, the price suddenly “plunged” on the 18th, dropping below $4,200 per ounce during trading, and on the 21st, international gold prices surged and then fell, reaching a high of $4,375.14 per ounce in trading.
The price of gold has risen by as much as 66% since the beginning of this year, accumulating a total increase of about 170% since the end of 2022.
In recent days, international spot gold prices have been experiencing extreme fluctuations.
On October 21, spot gold prices plummeted by 5.3% to $4,125.22 per ounce. This marked the largest single-day drop since April 2013.
On October 24, data from the international precious metals market indicated that spot gold prices fell below the key psychological level of $4,100 per ounce, with an intraday decline of 0.69%, marking the first time in recent periods to breach that critical level.