The price of gold has soared in the recent months, attracting both sellers and buyers in the market. Some individuals were able to cash out a remarkable amount of 330,000 yuan by quickly selling their gold. According to reports, a gold recycling business person in Linping, Hangzhou encountered a big customer who sold 600 grams of gold in one go, earning a hefty sum. The gold pieces weighed as much as a mahjong each, and the customer made a profit despite the slightly lower purity due to the gold being refined from electronic products.
Meanwhile, the gold recycling market continues to thrive as more citizens are eager to sell their gold for cash. Linping Baozhu Watches and Luxury Products reported having recycled over 1,000 grams of gold since April this year. Customers have been driven to sell gold for two main reasons: capitalizing on the current high gold prices and wanting to replace old jewelry with newer models. One customer even made a net profit of 8,200 yuan by selling a pair of gold bracelets to the store.
On the other hand, despite adverse weather conditions brought by a typhoon, people lined up to buy gold, highlighting the popularity of the precious metal. Shuibei International Jewelry Trading Center, the largest gold jewelry trading center in China, witnessed a constant flow of consumers. The center’s competitive prices, innovative jewelry processing technology, and collaborations with popular IPs have attracted young buyers.
“Golden Doudou” has gained popularity among gold consumers. Weighing about 1 gram, a gold doudou costs around 450 yuan, making it an affordable option compared to traditional gold jewelry. This new trend has attracted consumers who view gold as both a savings and investment opportunity.
The recent increase in global gold reserves by various central banks has also bolstered consumer confidence in the precious metal. However, experts warn against blindly chasing the rise in gold prices. While domestic gold prices may remain high in the short term, a potential rebound in the RMB exchange rate could restrict further price increases. Additionally, gold investors are advised to choose investment tools wisely and consider their own needs, financial status, and risk preferences.
Overall, the price of gold has reached new highs, mainly influenced by exchange rate factors and the decline in gold imports. As many central banks continue to increase their gold reserves and the credibility of the US dollar declines, experts predict that gold prices will continue to rise in the future. However, investors are cautioned not to blindly chase after the rise and to approach gold investment rationally.