ounce mark, both hit record highs. Spot gold has risen more than 15 percent since the beginning of the year.
On social platforms, posts with "gold prices are rising, and many people sell bags of gold" frequently appear on hot searches.
Gold prices have hit new highs
Buybacks soared
As the price of gold soars, many consumers choose to sell their gold bars and gold jewelry for cash. However, the reporter's visit found that the gold repurchase price of various brand stores is quite different from the retail price, and some brand stores can only exchange money and do not accept discounts.
On the 13th, the gold recycling price was 537 yuan/gram. Screenshot source: Chow Tai Fook Mini Program
The reporter learned that in April, the gold recycling business of Ningbo 200 in Zhejiang Province increased by 10 times year-on-year, and gold brands such as China Gold and Chow Tai Fook had repurchase business. For example, Chow Tai Fook provides gold buyback and trade-in services, but only buys back the goods sold by the brand.
"The repurchase price on the 12th was 542 yuan/gram, and the repurchase price changed with the international gold price every day. Chow Tai Fook clerk introduced.
Repo rules vary from bank to bank
Commercial banks are also one of the important channels for gold recycling. A state-owned bank said that it repurchased 60 kilograms in the first quarter, an increase of 51 kilograms over the same period.
"Last year, our bank began to collect gold bars sold by more than 10 peers, and before we only handled this business in some comprehensive repurchase outlets, all of which can now be repurchased. A person from a state-owned bank said.
In terms of repo rules, banks also differ. The price of ICBC's repurchase products is determined by subtracting a certain repurchase price difference from the repurchase base price. The base price of the repurchase is set with reference to the gold price of the Shanghai Gold Exchange, and the difference of the repurchase price is determined according to the type of physical gold product to be repurchased.
The repurchase price difference of ICBC brand gold is 4 yuan/gram, and the repurchase price difference of non-ICBC brand gold bars, as well as other gold products, is 10 yuan/gram.
CCB staff said that the "CCB Gold" investment gold bars can be repurchased in the state of custody (unwithdrawn state), and repurchased according to the territory, and only the investment gold bars sold by the Ningbo branch can be repurchased. If the customer has already withdrawn the gold, it will not be repurchased.
The reporter saw in the small program of the China gold recycling platform that users can sell physical gold online, but they need to fill in the recycling product brand, gram weight and other information online, and send the product to the platform for testing, and the user can wait for payment after confirming the test results and final price. In terms of price, the platform collects the real-time gold price of the Au99.99 spot contract on the Shanghai Gold Exchange, but users need to pay a certain service fee, insurance fee and courier fee, with a minimum of 3 grams.
Industry insiders suggest that if ordinary consumers need to discount gold bars and gold jewelry hoarded, they can first refer to the recycling prices of major brand gold stores, choose more cost-effective brand gold stores to discount, or discount through formal third-party gold recycling platforms. When choosing a recycling channel, it is recommended to first understand the credibility and strength of the channel, understand the recycling price and process, and ensure that you can provide a reasonable price.
It is worth noting that there are some recycling stores in the market with many routines and serious price reductions, and consumers should pay attention to avoid being deceived by some informal recycling stores when choosing discount channels.
The Shanghai Gold Exchange acted urgently
On April 12, the Shanghai Gold Exchange issued the Notice on Adjusting the Margin Ratio and Price Limit of Some Contracts.
According to the Notice, in accordance with the relevant provisions of the Measures for the Administration of Risk Control of the Shanghai Gold Exchange, the Shanghai Gold Exchange has adjusted the margin ratio and price limit of gold deferred contract transactions and the margin of performance guarantee inquiry contracts.
Specifically, starting from the closing and liquidation on April 15 (Monday), the margin ratio of Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, NYAuTN12 and other contracts will be adjusted from 8% to 9%, and the limit of the rise and fall will be adjusted from 7% to 8% on the next trading day; The margin of CAu99.99 contract was adjusted from $45,000 per lot to $51,000 per lot.
The Shanghai Gold Exchange invites all members to raise their awareness of risk prevention, make detailed risk emergency plans, and remind investors to do a good job in risk prevention, reasonably control positions, and invest rationally to ensure the stable and healthy operation of the market.
Source: Ningbo Evening News, CCTV Finance, 21st Century Business Herald
Editor: Lin Dan (small) Li Wenjun Proofreader: Li Xiaolong Lin Dan (small) Review: Pan Jie Producer: Xie Yongjie Ni Xinxin
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