For 17 consecutive months, the central bank increased its holdings of gold reserves, and the price of gold soared, and the retail price of gold jewelry approached 720 yuan per gram
Edited: Huang Sheng
China's gold reserves were 72.74 million ounces at the end of March and 72.58 million ounces at the end of February, the 17th consecutive month of increased gold reserves, central bank data showed.
In addition, gold prices have risen in nine of the last 10 days and higher in six of the last seven weeks.
Image source: Photo by Liu Guomei, National Business Daily
Gold prices have soared in the international market, and domestic basic gold prices have also reached high levels. The retail price of pure gold jewelry of many domestic brands is also close to 720 yuan per gram.
On April 7, the retail listing price of Chow Sang Sang's pure gold jewelry has soared to 719 yuan/gram, Chow Tai Fook and Chao Hongji were 718 yuan/gram and 718 yuan/gram respectively, compared with 703 yuan/gram on the 3rd, both of which rose by 15 yuan.
The big hoarders have cashed in
According to CCTV financial reports, many gold jewelry wholesalers have gathered in Zhaoyuan, Shandong Province recently. In the terminal sales stores, the purchaser is particularly "cautious" about the purchase of gold jewelry, in terms of choosing the style, the buyer's choice from the traditional craft to the national tide culture as the element of fashion jewelry, and in some offline gold jewelry sales stores, exquisite craftsmanship, colorful enamel gold jewelry has also won the favor of consumers.
As the price of gold continues to rise, the repurchase of large quantities of gold raw materials offline has become the "highlight", and many "big gold hoarders" have chosen to sell at the high price of gold. While offline gold raw material repurchase is hot, many gold stores have also opened an online repurchase model.
Image source: Photo by Liu Guomei, National Business Daily
A person in charge of an online gold repurchase business said, "We have allowed consumers to realize the rapid realization of gold by using subsidized coupons, free mailing, handling fee discounts, etc., of which the maximum amount of online gold recycling in a single day has reached more than 3,000 grams." ”
According to Yicai, consumers' enthusiasm for buying gold has declined recently. During the Qingming holiday, there were only three or three customers in the branded gold stores of several shopping malls in downtown Shanghai, and some gold jewelry counters were crowded in Yemen. After the inquiry, the only few consumers who looked at the jewelry in the store called the price too high, "It has risen to the point that I can't understand it, and it's too boring to buy it now." ”
The "gold buying fever" continues, and some bank gold bars are out of stock. According to Red Star News, on April 4, the staff of the Chunxi Road Pedestrian Street Branch of the Industrial and Commercial Bank of China said that the bank's gold bars have been out of stock for about a month, and now they must make an appointment if they want to buy them.
Expert:
Prices
It's more emotionally driven;
Some experts remind: it is not advisable to chase the rise too much
In the opinion of analysts, the expectation of three interest rate cuts in the United States this year is basically stable, and under the geopolitical risk, gold's safe-haven function is becoming increasingly prominent, which together provides a steady stream of impetus for the rise in gold prices.
According to statistics from the World Gold Council, for the whole of 2023, the People's Bank of China's net gold purchases ranked first among central banks in the world. By February this year, the central bank had increased its holdings of gold for 16 consecutive months. According to the SAFE, this trend continues.
Senior Gold Analyst Li Yang: The main reason for the rise in gold prices is that since March, the market's expectations for the Fed's interest rate cut have been increasing, pushing up gold prices. In addition, the demand for safe haven due to global geopolitical factors has attracted some funds, which further pushed up the price of gold.
According to experts, the world's central banks have continued to increase their holdings of gold reserves in the past two years, which has also played a supporting role in gold prices.
Liu Yuxuan, a senior researcher at Guotai Junan Futures Research Institute of precious metals, introduced that gold is more likely to be priced as a more long-term hedging factor, this wave of rise, without a particularly specific event-driven factor, should be said to be in a more bullish atmosphere for gold, through this sentiment to continue to push up prices, from the time above, will feel that when June (the United States) officially cut interest rates before landing, it is still an atmosphere that is easy to rise and fall.
However, a senior manager of the private banking department of a large state-owned bank in Zhejiang believes that the current gold price is indeed high, and it is not appropriate to chase too much, for family asset allocation, gold prices can be considered when the price pullbacks, at the same time, gold investment is not aimed at pursuing high yields, and we must maintain long-term investment thinking.
Daily Economic News integrates the central bank's website, CCTV Finance, China Business News, CCTV News, and public information