China Gold, Lao Fengxiang and many other gold jewelry business enterprises were interviewed

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China Research Network

Recently, the international gold price has continued to rise, which has attracted more and more attention from the market for the hedging characteristics and investment attributes of gold, which has triggered a buying boom. However, behind the gold consumption boom, gold jewelry consumer complaints also occur from time to time, which has become a major challenge to the current market supervision.

According to relevant statistics and reports, these complaints mainly focus on process defects, concealment of grammage, false propaganda and adulteration. Workmanship defects may include quality problems such as jewelry breakage, deformation, discoloration, and inlay detachment; Concealment of grammage involves merchants failing to truthfully inform consumers of the weight of the jewelry, thereby misleading consumers into making purchases; False publicity and adulteration are mainly reflected in the exaggeration or false description of the purity, fineness and craftsmanship of the product, and even the situation of selling fake with fake and knowing that it is fake.

In response to these problems, the Market Supervision and Administration Bureau of Changzhou City, Jiangsu Province has conducted administrative interviews with the Changzhou Gold and Jewelry Association and well-known gold jewelry brand management enterprises such as China Gold, China Jewelry, and Lao Fengxiang. This initiative aims to further standardize the operation order of the gold jewelry market and create an honest and trustworthy business environment and a safe and secure consumption environment.

During the interview, the market supervision department put forward a series of requirements for gold jewelry business enterprises. First of all, face up to and immediately rectify existing problems to ensure that business activities are legal and standardized. Secondly, it is necessary to be true and accurate in terms of advertising, and it is not allowed to make false publicity or mislead consumers. At the same time, the use of measuring instruments should also be standardized to ensure accurate measurement and avoid misleading consumers. In addition, consumer complaints should be handled in a timely and proper manner to improve consumer satisfaction.

In addition to the efforts of market regulators, consumers should also be vigilant when buying gold jewelry, choose formal channels to buy, and carefully check the purity, fineness and craftsmanship of the product. At the same time, keep the proof of purchase so that you can use it in case of disputes.

In general, the regulation of the gold consumer market requires the joint efforts of market regulators, gold jewellery operators and consumers. Only by strengthening supervision, honest management and rational consumption can we jointly create a fair, transparent and safe gold consumer market.

According to the display released by the China Research Institute of Puhua Industry Research Institute:

The recent trend in gold prices is showing an uptrend.

From a more macro perspective, gold prices are expected to continue to rise in 2024, based on multiple forecasts and analyses. HSBC, for example, forecasts that the price of gold will reach $1,947 per ounce in 2024, an increase of almost $100 from its previous forecast. UBS also predicts that if the rate cut materialises, gold could hit a record $2,150 an ounce by the end of 2024. In addition, there are forecasts that gold prices may continue to rise to $2,250 per ounce in 2024. These forecasts all tend to support the view that gold prices will continue to rise in 2024.

However, it should be noted that despite the uptrend forecast, the possible disconnect between financial market expectations for interest rate cuts and the Fed's dot plot, as well as the limited room for further upside in gold prices, also indicate that there is some uncertainty about the price movement of gold.

Specifically, in the recent past, such as the data on April 22, 2024, the gold prices of brands such as Chow Tai Fook, Lao Fengxiang, Liuliufu, Chow Tai Sang and Chow Sang Sang have all remained above 730 yuan/gram, and there are small fluctuations. The price of spot gold fell at the opening on April 20, but the overall price still showed some volatility.

To sum up, the recent trend of gold prices is dominated by growth, but the specific price will be affected by a variety of factors, including financial market dynamics, interest rate cut expectations, global economic situation, etc. Therefore, for gold investors and consumers, paying attention to market dynamics and forecasts from authoritative institutions can help them better grasp the price trend of gold and make more informed decisions.

Statistics from the China Gold Association show that in the first three quarters of 2023, the domestic raw gold output will be 271.248 tons, an increase of 1.261 tons compared with the same period in 2022, a year-on-year increase of 0.47%, of which 214.866 tons of gold from gold minerals and 56.382 tons of non-ferrous by-product gold will be completed. In addition, in the first three quarters of 2023, the gold output of imported raw materials was 96.277 tons, a year-on-year increase of 11.48%, and if this part of the imported raw materials was added, the country produced a total of 367.525 tons of gold, a year-on-year increase of 3.14%.

In the first three quarters, the national gold consumption was 835.07 tons, an increase of 7.32% compared to the same period in 2022. Among them: 552.04 tons of gold jewelry, a year-on-year increase of 5.72%; 222.37 tonnes of gold bars and coins, up 15.98% year-on-year; industrial and other gold was 60.66 tons, down 5.53% year-on-year.

In terms of gold prices, which investors are more concerned about, in the first three quarters, the downward pressure on the global economy continued to accumulate, geopolitical conflicts continued, and international gold prices fluctuated at high levels. At the end of September, as the market's expectations for the Fed to maintain high interest rates increased, the international gold price retreated sharply to the level at the beginning of the year, but remained at a historical high. At the end of September, the London spot gold fixing price was $1,870.50 per ounce, up 1.48% from the beginning of the year; Shanghai Gold Exchange Au9999 gold closed at 447.10 yuan / gram at the end of September, up 8.78% from the beginning of the year.

Recently, as international gold futures and spot prices hit a record high, domestic gold consumption has also been rising. New York gold futures soared to $2,152.3 per ounce, London spot gold hit an intraday high of $2,144.68 per ounce, and the price of some domestic brand gold jewellery was as high as 630 yuan per gram.

The rise in gold prices is affected by the Federal Reserve's monetary policy, the trend of the US dollar and other factors. According to the World Gold Council, global central banks bought around 800 tonnes of gold in the first three quarters, an increase of 14% compared to the same period last year, which was also one of the factors driving gold prices higher.

According to the report "Insights into the Gold Investment Needs of China's High-net-worth Individuals" released by the World Gold Council, "value preservation" and "safety" have become the primary goals of wealth management for high-net-worth individuals in mainland China. "For investors who have already allocated to gold, the potential future appreciation of gold, portfolio diversification and safe-haven functions are the top three factors driving their purchases. ”

Looking ahead to 2024, the World Gold Council believes that the possible intensification of geopolitical conflicts in some regions and the increase in gold purchases by many central banks will support the future trend of international gold prices.

As for the distribution trend of reserve assets in the next five years, most of the central banks interviewed at the forum believe that US dollar assets will decline, and the proportion of assets such as RMB and gold will increase.

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