In just one month, the international gold price has continuously broken the two integer thresholds of $1990-2000. Despite the recent price correction, gold denominated in US dollars and RMB has accumulated significant gains since March this year, and has performed well among many assets. As the price of gold returns to historical highs, investors are focusing on how gold will perform. "The performance of the gold market after the Spring Festival this year has indeed exceeded expectations." Cheng Wei, an investor who has been paying close attention to the gold market for a long time, told reporters that due to strong expectations of economic recovery, the gold price significantly corrected in February, once falling back to around $1800 per ounce. However, data shows that since March 9, the international gold price has rebounded continuously, and the gold price in the New York market has once returned to above $2000 per ounce. At the close of the day on the 28th, the April contract with the most active gold futures trading on the New York market closed at $1973.5 per ounce, up about 8% this year. The domestic market rose relatively modestly, with the Shanghai Gold Exchange gold spot delayed trading Au (T+D) closing at 435.35 yuan per gram on the 28th, with the market up less than 7% over the same period. "The trigger is the closure of the US Silicon Valley Bank." Ji Ming, chief analyst at the Shandong Gold Group Trading Center, believes that recent risk events in European and American banks such as Silicon Valley Bank and Credit Suisse have continued to ferment, driving up market risk aversion. At the same time, the liquidity crisis of European and American banks has also limited the monetary tightening space of European and American central banks, and market concerns about inflation have increased. Gold's "safe haven" and "anti inflation" two major attributes "surge", attracting funds to return to the gold market. According to data, the amount of gold held by SPDR, the world's largest gold ETF fund, has risen to around 927 tons, an increase of about 10 tons compared to the end of February, reversing the hovering trend from January to February. As the world's largest gold consumption market, domestic gold consumption also continues to be strong. "Whether it's gold jewelry or gold bars, sales have increased by about 20% this year." Cao Guosheng, general manager of the flagship store of Shanghai Laofengxiang Silver Tower, told reporters that the price of gold jewelry has recently reached around 570 yuan per gram, an increase of more than 30 yuan per gram compared to the end of last year. The gold price of the Jinzhizun Gold Store in the Wuhan Commercial Complex Wushang Dream Era on March 28th. In Cao Guosheng's view, the popularity of gold market sales has driven gold prices up, in addition to factors such as risk aversion in the international market. After the optimization and adjustment of epidemic prevention and control policies in the domestic market, activities such as weddings have gradually resumed, which has also driven the sales of gold jewelry. "March is not the peak season for gold sales, but this year is relatively prosperous, especially for high-value wedding gold jewelry sets, which can sell several sets a month." On the 28th, a reporter saw in Wuhan Commercial Complex, Wushang Dream Times, that just as it opened for business, many customers were choosing from various gold stores. "Gold trinkets such as the transit beads of the Ming Dynasty are particularly popular, and some popular styles have been sold out," said the shop assistant at the Golden Supreme Gold Store. Gold consumption and repurchase are "hot". On March 28th, consumers bought gold jewelry at Guohua Mall in Beijing. "Although the data for the first quarter has not yet been released, many companies report that the gold market has shown a significant recovery since the Spring Festival."
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：XinhuaNet
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