Recently, international spot gold has fallen sharply, and domestic gold jewelry prices have also fallen. In Shuibei , the concentration of gold wholesale in Shenzhen, there has been a scene of crowds of people and "aunts grab gold".
Antiques in prosperous times, gold in troubled times, since the outbreak of the Russian-Ukrainian conflict, gold prices fluctuated violently. In early March, the international gold price once exceeded US$2,000 per ounce, the highest point in 19 months. On March 9, the domestic gold price rose to 416.50 yuan/gram, up 24 yuan/gram in a week.
After the market's concerns about the possible escalation of the conflict between Russia and Ukraine dissipated, gold prices began to fall significantly, and by early June, it had fallen by about 10% from its March high. After July, gold prices continued to fall and the decline was even greater. On July 12, the spot gold opened at $1,733.68/ounce, down more than 16% from the stage high of $2,070.42/ounce in March.
Domestic gold jewelry prices also fell accordingly, falling by more than 10 yuan per gram, and many consumers took the opportunity to buy it. According to the China Fund News, a salesperson analyzed that the gold price rose sharply due to the conflict between Russia and Ukraine at the beginning of the year. Many "aunts" who rushed to buy gold in the early years have already sold them to cash out. Now, taking advantage of the falling gold price, they want to "stock up" again.
"Auntie grabs money" may not consider too many factors, but is based on the simplest understanding of the economic situation. In fact, this is also the judgment of many professionals. Many banking executives have pointed out that the global economy is moving towards stagflation and physical gold is the best safe-haven asset. It is expected that gold prices will break through $2,000 per ounce again by the end of this year. Even if the judgment of
is accurate, it does not mean that the gold price has bottomed out at present. Against the backdrop of the US dollar rate hike , gold prices are considered to be still on a downward trend. Analysts believe that the main reason for the sharp drop in gold prices in recent months is the tightening monetary policy of the Federal Reserve.
From an investment perspective only, now may not be a good time to buy gold. But when the decline in gold prices overlaps with the release of consumer demand, the market heats up rapidly. Affected by the rise in gold prices and the epidemic, the national gold consumption in the first quarter of this year was 260.26 tons, a year-on-year decrease of 9.69%. Now the epidemic prevention situation has improved, the price of gold has dropped, and consumers have taken decisive action. The most important thing about
is the risk aversion attribute of gold. The real estate market is in a downturn and investment channels are limited. When the price of gold falls sharply, gold naturally enters the attention of "aunts" again. Even if gold prices continue to decline in the short term, they will not affect their confidence. Against the backdrop of the complex international situation and countries are increasing their gold reserves, they generally hold this simple belief: it is gold, and prices will rise sooner or later.
