“CCTV Finance” WeChat official account
Affected by factors such as rising international crude oil prices, intensifying inflationary pressure in the United States, and rising market expectations for further interest rate hikes by the Federal Reserve, international gold prices fell to a new low in a year on October 30. As of the latest closing, COMEX gold futures fell 3.63% to US$3,884.90 per ounce; London gold fell 3.61% to US$3,875.19 per ounce, both falling below the US$3,900 mark.
Affected by the decline in international gold prices, the prices of domestic brand gold jewelry have been reduced simultaneously. The prices of some brands of gold jewelry have dropped by nearly 550 yuan/gram compared with the high point during the year.
With the price of gold falling, what changes have occurred on the consumption and investment side?
Beijing gold store customer flow increases
Investment in gold heats up
Affected by the international gold price, the prices of pure gold jewelry in many domestic gold stores have also been reduced. Analysts said that sales of gold jewelry have grown significantly in recent times, especially small gold jewelry weighing around 5 grams such as rings, which are particularly popular.
Some consumers said that they would like to choose bracelets and earrings as gifts for themselves, and they like fashionable and compact ones. Some consumers also spent more than 2,000 yuan to buy gold jewelry with the zodiac sign of the sheep.
Li Yang, a senior analyst at Beijing Caibai Gold, said that the current consumer demand for gold jewelry among young people accounts for about half of the overall sales. They prefer hard pure gold, ancient craftsmanship, and products with enamel craftsmanship and cultural connotations. During the wedding peak season, the sales proportion of “three gold”, “hardware” and suit products also increased significantly.
資料圖
According to analysts, recently affected by multiple global uncertainties, gold prices have fluctuated significantly in the short term, and more investors are buying gold investment gold bar products. In Caibai Shopping Mall, a consumer bought 5 gold bars, each of 30 grams, costing about 26,000 yuan each. Consumers said that when gold prices are low, they would like to make some financial investments.
Shenzhen Shuibei Market
New wedding gold and zodiac products are popular
The price of gold fell. At Shuibei Gold Market in Shenzhen, Guangdong, wedding gold and new zodiac products became the main sales force. Some consumers said that they bought more than 60 grams of gold with their friends, and some people preparing for marriage said that the gold price dropped just before the wedding, and they planned to buy dozens of grams.
The fall in gold prices has stimulated consumer enthusiasm, and many stores have seen significant growth in sales of gold jewelry. Cai Xuling, the person in charge of a gold jewelry retail store in Shuibei Market, said that before waking up every day, customers would buy large gold bracelets, which are heavier in weight. Sales have doubled compared to last month.
資料圖
During the visit, the reporter learned that with the arrival of the wedding season at the end of the year, the fall in gold prices has driven up the consumption of wedding gold jewelry, and many consumers with wedding needs have taken advantage of the price correction to come to buy. Lin Li, the person in charge of another gold jewelry retail store in Shuibei Market, said that the price of gold has dropped this month, and the overall sales have increased by 30% to 40% compared to last month. Basically, everyone buys “three golds” and “hardwares.”
In addition to wedding gold, zodiac-themed gold jewelry has been warmed up early, and new gold jewelry with themes for the Year of the Sheep has been launched. According to feedback from Lin Yinzhu, the person in charge of the Shuibei Chaorunfu Jewelry retail store in Shenzhen, Guangdong, after October, the sales proportion of gold jewelry with the Sheep zodiac rose rapidly, surpassing the old Horse zodiac jewelry, accounting for half of the sales of related categories in the store, and gaining the favor of a large number of consumers in advance.
Spot silver prices fell by more than 50% this year
Not only gold, but as of October 29, spot silver, which hit an intraday record high ($121.79/ounce) at the beginning of the year, has now fallen to around $53/ounce. Since the end of January, spot silver prices have fallen by more than 50%, which has also attracted many consumers to buy silver jewelry and invest in silver bars.
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