Global Gold Prices Experience Roller-Coaster Ride; Young Investors Cautious
Securities Times reporter Wu Jiaming
"Today's gold jewelry prices are RMB 475 per gram, which was as high as RMB 478 per gram last Friday, and hit a low of RMB 458 per gram during the National Day holiday." On October 23rd, reporter visited Shenzhen Water Bay Gold Jewelry Cluster Zone, where a responsible person from one gold jewelry store told reporters. Meanwhile, most well-known gold jewelry brands' prices have again broken through RMB 600 per gram.
This year, the gold price has continued to rise, making it an attractive investment option for investors, with more and more young people joining the "gold rush". However, the global gold price recently experienced a roller-coaster ride, dropping sharply in late last month before rebounding rapidly, reaching as high as USD 1823 per ounce. But then it suddenly surged back up to around USD 2000 per ounce.
The fluctuations in gold prices are influenced by a combination of factors, including supply and demand, investment sentiment, and regional geopolitical trends, with the latter having a particularly significant impact recently.
At Shenzhen Water Bay Gold Jewelry Cluster Zone, reporter saw that gold jewelry consumption is no longer just limited to "older ladies", as many young consumers are now buying gold products. Young investors are more keen on purchasing smaller quantities of gold products, and some have even chosen online gold investments.
"I didn't expect the price to rise so quickly, I regret not buying it earlier." At the scene, a young couple preparing to buy jewelry for their wedding said they were worried that prices might continue to rise. However, some store owners also expressed caution, saying that the number of customers has not returned to pre-holiday levels.
"I saw many friends buying gold this year, both investment bars and jewelry, and now it's easy to recycle gold and even make a profit. So I decided to try investing in gold." A young consumer told reporters why they chose to invest in gold.
A responsible person from one bank in Shenzhen Fu Tian district said that many customers have consulted or purchased gold as a reserve this year, with large customers purchasing over 1000 grams of gold. However, some consumers are choosing to delay their gold purchase plans due to the sharp rise in prices.
According to data from the China Gold Association, from January to August 2023, Shanghai Gold Exchange's total turnover volume for all types of gold products reached 14,316.45 tons (24,632.89 tons), a year-on-year increase of 6.06%, with a cumulative trading value of RMB 626.09 billion (RMB 1,252.17 billion), a year-on-year increase of 19.07%. Some industry insiders have also expressed caution about the future direction of gold prices.
Some experts believe that domestic gold prices have reached new highs and accumulated significant risks, advising investors not to blindly follow the trend. At the same time, ordinary people can use gold as a savings-type investment to combat inflation.