Can the "big gold bracelet" still be arranged despite the continuous decline in gold prices?
2023-10-09
Since the beginning of this year, the price of gold has been continuously rising, with gold jewelry prices exceeding 600 yuan in September. Faced with soaring gold prices, the public has also sparked a "gold buying frenzy". However, gold, which has been given high expectations, has been continuously declining in recent times. With the continuous decline in domestic gold prices, it has also made people wonder whether it is still a good time to buy gold now? Gold prices fell, dropping nearly 30 yuan in three days. On the 7th, a reporter walked into a store in Beijing's Chow Tai Fook, and the number on the gold price screen was fixed at 587 yuan per gram. In September, the price of gold jewelry reached as high as 615 yuan/gram, but it has recently dropped a bit, "the teller at the Chow Tai Fook store told reporters. Previously, gold prices continued to rise and fall, and many people bought gold bars and gold beans due to the need for hedging and investment. During the National Day holiday, "Girls give up buying diamond rings and spend 500000 yuan to buy gold bars," and even made a hot search on Weibo. But recently, investment gold prices have also declined. Previously, the price of golden beans could reach 560 yuan/gram, but now it is 539 yuan, "the aforementioned teller told reporters. Not only Chow Tai Fook, but also brands such as Chow Sheng Sheng Sheng and Lao Feng Xiang have seen a decrease in gold jewelry prices recently, with a decrease of over 10 yuan per gram compared to mid September. In addition, the investment gold price of Caibai has also experienced significant fluctuations. In September, the highest investment gold bar price in its stores reached around 480 yuan. On October 7th, the investment base gold price had dropped to 444 yuan. The Shanghai Gold Exchange is a national market engaged in gold trading. The Au99.99 market trend chart shows that the previously continuously rising gold price has been continuously declining since September 26. On September 28, it closed at 447.50 yuan, and fell nearly 30 yuan in just three days. In addition to the decline in domestic gold prices, reporters have noticed that the international gold price, which has been fluctuating and declining since May, has seen a particularly sharp decline in recent times. From September 25th to October 5th, the gold price of New York Futures fell for 9 consecutive trading days, reaching a new low in nearly 7 months. However, on October 6th, the gold price of New York Futures rebounded to close at $1847 per ounce. Why has the gold price been continuously declining? Regarding the recent continuous decline in domestic gold prices, industry insiders have analyzed to reporters that this is mainly influenced by changes in supply and demand and liquidity, combined with factors such as the rise of the US stock index and the decline of international gold prices. From the perspective of international gold trends, in the first half of the year, the risk aversion sentiment triggered by the US banking crisis and the US government debt ceiling crisis drove investors into the gold market, and the international gold price has risen significantly. However, the recent economic data released by the United States is relatively stable, and concerns about the US economy falling into recession have temporarily been alleviated. The support of safe haven sentiment for gold prices has weakened, "said Wang Youxin, a senior researcher at the Bank of China Research Institute. On the other hand, due to factors such as the expected increase in interest rates by the Federal Reserve in November and the intensifying game of US government budget expenditures for the new fiscal year, US bond yields have recently significantly increased. "Wang Youxin said that the increase in US bond yields means an increase in the opportunity cost of holding gold, and the two have shown a negative correlation trend in the past. The US dollar is the main valuation currency for international gold, and its appreciation has also suppressed the trend of gold prices. Recently, due to factors such as strong consumer demand, the decline of the Chinese yuan, and risk aversion,
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：chinanews.com
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