Home » “It was 491 the day before yesterday and it’s 499 today!” Gold prices skyrocketed and Shenzhen Shuibei was crowded with “gold diggers” _ Oriental Fortune Network

“It was 491 the day before yesterday and it’s 499 today!” Gold prices skyrocketed and Shenzhen Shuibei was crowded with “gold diggers” _ Oriental Fortune Network

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“It was 491 the day before yesterday and it’s 499 today!” Gold prices skyrocketed and Shenzhen Shuibei was crowded with “gold diggers” _ Oriental Fortune Network

The price of gold has surged to record highs, sparking a frenzy in the gold market in Shenzhen and beyond. On March 6, the price of gold in Shenzhen’s Shuibei International Jewelry Trading Center reached close to 500 yuan per gram, with merchants reporting sharp increases in prices.

International and domestic gold prices have seen significant gains, with spot gold hitting a new high of US$2,161.53 per ounce. In China, Shanghai gold prices have also been on the rise, closing at 505.88 yuan per gram.

The surge in gold prices has led to a boom in gold jewelry consumption, with Shuibei Market witnessing a surge in customers looking to purchase gold jewelry. Banks have also joined the trend, with some offering gold jewelry for sale. However, the debate continues on whether buying gold jewelry from banks is cost-effective compared to traditional gold stores.

While the rapid rise in gold prices has been welcomed by investors, industry experts warn that sustaining such growth may be challenging. Factors such as a weakening U.S. economy and geopolitical tensions could impact the future trend of gold prices.

Overall, the gold market is experiencing a period of heightened activity and interest, with investors closely monitoring the fluctuations in gold prices. Stay tuned for more updates on this developing story.

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