Young people began to buy gold bars and jewelry, and some gold shops sold 200,000 a day
During the Spring Festival, the business of gold shops in major commercial centers across the country is relatively hot. Different from the traditional middle-aged and elderly people buying gold, more and more young people are now paying attention to gold, and directly buying gold bars and processing them into jewelry in gold shops.
Statistics from the China Gold Association show that in 2023, the national gold consumption will be 1,089.69 tons, an increase of 8.78% compared to the same period in 2022. Among them, 706.48 tons of gold jewelry, up 7.97% year-on-year, and 299.60 tons of gold bars and coins, up 15.70% year-on-year. In addition to buying gold bars to create jewellery, the increased interest in physical gold investment has led to a faster increase in bar and coin consumption at relatively low premiums.
▲100g gold bars sold in a gold store in Shanghai
A staff member of a well-known brand gold store in Shanghai told Red Star News that it is now the beginning of the Year of the Dragon, and the sales of gold bars printed with dragon patterns are very good, "We have different specifications of 10 grams, 20 grams, 30 grams, 50 grams and 100 grams, and the sales can reach 200,000 yuan a day." The staff member said that on February 13, the price of investment gold was 556 yuan/gram, and the price of jewelry gold was 626 yuan/gram. ”
In the gold consumption boom, some consumers will buy gold every special moment such as the Spring Festival or birthday. Some consumers also said on social media that they went directly to the bank to buy gold bars for the marriage three golds. And different brands, the price of gold is slightly different. Another well-known brand gold store in Shanghai told the Red Star News reporter that on February 13, the investment price was 512 yuan/gram, and the repurchase price of gold or jewelry was 482 yuan/gram, with a purity of 99.99%. The store is located in Shanghai's Yuyuan Mall, and the clerk has been very busy lately, with little time to answer the phone.
▲A bracelet made by a gold smithing shop
A gold mining shop, also located in Shanghai, told Red Star News that business was very good during the Spring Festival, and it was not open for the first three days, but it will open soon. "When the gold is struck, the package is lost, and the less will be made up, and the gold can be supplemented, and the repair cost can also be made. The staff member said that now the store is playing bracelet plastic ring for 680 yuan, regardless of the number of grams. According to this price calculation, to create a bracelet of about 30 grams, if you buy the finished product at 626 yuan/gram, it will cost about 18,780 yuan, and if you build it in the gold shop plus labor costs, you can save 1,420 yuan, and if you calculate it at the purchase price of 512 yuan/gram gold bar, you can save 2,740 yuan.
In 2023, the price of gold has soared several times, with the COMEX gold price reaching $2,085.4 per ounce in May and briefly breaking through the $2,100 per ounce mark in December. The 2024 start of the year saw a brief pullback, with the price hovering around the $2,000 per ounce mark. Wang Hongying, president of China (Hong Kong) Financial Derivatives Investment Research Institute, believes that the recent consumer "gold" tide, on the one hand, is the holiday factor, on the other hand, the stock market fluctuations make more and more consumers tend to invest in gold, it is expected that more funds will enter the gold market in the future, and the long-term rise in gold denominated in RMB will be a high probability event.
There are also analysis reminders, when buying gold bars, try to buy regular manufacturers, formal channels, to see whether the imprint and label of the product are complete, such as materials, purity and manufacturer code, etc., in addition to see whether it has been tested by a third-party inspection agency, if there is any doubt about the gold content of gold after purchase, it is recommended to send it to a professional testing agency for testing.
Red Star News reporter Lu Yanfei
Editor: Zhang Bo, Editor: Feng Lingling