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The price of gold hit another record high, and the continued rise in the price of gold drove the rise in the gold sector. Under the influence of multiple factors, the recent phenomenon of consumers “hoarding gold” has appeared in the market.
Gold prices strengthened, A-share gold sector soared
On May 4, the international spot gold price hit a record high of US$2,081.82 per ounce. As of about 11:30 that day, the international gold price was quoted at US$2,049.91 per ounce, an increase of 0.634% from yesterday’s close.
The rise in international gold prices led to a rise in the A-share gold sector. As of the close on May 4,Lao Fengxiangup 9.57%;Pengxin Resources(rights protection)up 7.1%;Sichuan GoldAt one point, it rose 8%.Shandong Gold、Chukin OganeIt rose more than 5% at one point during the session.
In an interview with a reporter from Securities Daily, Cao Zhe, chief investment officer of Avengers, said that following the AustralianhikeAfter 25 basis points, in the early hours of May 4, Beijing time, the Federal Reserve held its May interest rate meeting and announced a 25 basis point rate hike, raising the target range of the federal funds rate to 5%-5.25%. The inflation situation is still grim. Gold, which can resist inflation, is highly sought after by the market due to multiple factors, and its price may continue to rise.
Bo Wenxi, chief economist of IPG China, said in an interview with a reporter from the Securities Daily that the risk of geopolitical conflicts has risen, and countries have strengthened their gold reserves, which has intensified the demand for gold as the most important hedging tool, thus promoting the continuous rise of gold prices.
Cao Zhe said that the United Statesfirst republic bankBankruptcy, the vast majority of assets byJPMorgantake over, explainBank of AmericaThe aftermath of the industry crisis has not subsided, and financial risk aversion still exists.
The continuous rise in the international gold price not only drives up the stock prices of related listed companies, but also drives the performance growth of related listed companies. A number of gold listed companies have released beautiful first-quarter reports. Among them, Shandong Gold achieved a net profit of 439 million yuan attributable to its parent company, a year-on-year increase of 39.34%; The net profit in the first quarter was 61.8559 million yuan, a year-on-year increase of 49.62%, mainly due to the rise in gold market prices and the increase in sales of gold concentrates.
CITIC SecuritiesIt is judged that as the rising trend of gold prices is established, the market will favor leading gold stocks with advantages in production and resource scale, and companies with a high proportion of gold business and large production may benefit more.
Gold consumption and investment in physical stores are still booming
As the price of gold continues to rise, gold consumption and gold reserves are heating up. According to data from the National Bureau of Statistics, in the first quarter of 2023, the national gold consumption was 291.58 tons, an increase of 12.03% compared with the same period in 2022. Among them: 189.61 tons of gold jewelry, a year-on-year increase of 12.29%; 83.87 tons of gold bars and gold coins, a year-on-year increase of 20.47%. Especially in March, retail sales of gold, silver and jewelry became the fastest growing category of social consumer goods.
Benefiting from the increase in demand for hedging, the consumption of gold bars and coins has also achieved substantial growth.
ABCAn insider from a Shanghai sub-branch told a reporter from the Securities Daily: “The price of gold has fluctuated a lot recently. The current account gold is 453 yuan per gram, which has risen a bit. Compared with other gold pricesaccessoriesIn comparison, there are still more people who buy physical gold bars and account gold, because account gold can be cashed out at any time, and can also be withdrawn in kind.But investing in gold is not completely risk-free. Since 2019, gold investment has been in a situation of unstable prices. For a while, banks even stopped opening new banks.precious metalSome of the accounts and stocks were also forcibly liquidated. “
The reporter saw in the physical store of the gold store near Yuyuan Garden in Shanghai that many elderly people still choose to buy gold in physical stores. A consumer said that young people have more demand for marriage before and after May Day, so they choose to buy offline. Annual gold is more valuable, and buying it is equivalent to saving money.
Wushang GroupThe staff of its Wushang Mall told the “Securities Daily” reporter that the sales of gold and jewelry categories in Wushang Mall World Trade Center increased by 36% year-on-year during the May Day period.China Gold“, “Golden Eternity” and so on have also continued to be hot since March.
China Gold stated on the investor question-and-answer platform that due to the recent rise in international gold prices, the company’s investment in gold bar sales and gold repurchase business volume has continued to increase.
Construction BankThe relevant person in charge of Wuhan Bairuijing Sub-branch told reporters that since March, there have been many customers who have come to consult and buy gold as reserves, and there are many large customers who have purchased more than 1000g of gold. The rise in the price of gold has stimulated consumers who want to buy gold, and most of them follow the trend to invest. The mentality of “buying up and not buying down” has led consumers to buy a lot when it is currently rising.
Bai Ming, deputy director of the International Market Research Institute of the Research Institute of the Ministry of Commerce, said in an interview with a reporter from the Securities Daily that with the enhancement of people’s risk awareness, more and more attention has been paid to the function of gold value preservation and hedging, especially when the international financial market is uncertain. In the case of increased sex, the willingness to buy gold will be further enhanced. Of course, both gold consumption and gold value preservation must be rational. Gold cannot generate interest, and the price of gold is relatively high. These situations should be understood in time.
Wang Dongwei, director of Zhongtai Capital, said that there is still great uncertainty about whether gold prices will continue to rise in the future. Gold prices are affected by many factors such as monetary policy, geopolitical risk, inflation expectations, and more. If these factors continue to change, gold prices may continue to rise. However, if these factors reverse, gold prices could also fall. Therefore, investors need to carefully consider market conditions and their own risk tolerance when deciding whether to buy gold.
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