Gold, which had been running wildly, suddenly ushered in a sharp fall.
On April 23, the sharp drop in international gold prices sparked heated discussions. Domestic gold prices also ushered in a pullback, today, a number of jewelry brand retail gold prices have been lowered by about 14 yuan, such as Chow Tai Fook, yesterday listed at 733 yuan / gram, today has been adjusted to 719 yuan / gram.
Gold fell sharply to a record in the past two years
On April 22, local time, the London spot gold price closed at 2327.01 US dollars / ounce, a decline of 2.65% on the day, and the international gold price hit the largest single-day decline in the past two years.
COMEX gold futures were also sharply traded, closing down 3% at $2,341.1 an ounce, while COMEX silver futures were down 5.58% at $27.235 an ounce.
Some experts believe that the main reason for the decline is that the international gold price is at a historical high, the geopolitical conflict has shown signs of cooling, and the real interest rate has risen, resulting in profit-taking. Zhou Maohua said that the market has had obvious differences in the trend of gold recently, and the market has become vigilant against this short-term unilateral and sharply higher market.
Since March this year, international gold prices have begun to soar.
On February 29, spot gold in London closed at just $2,043.99 an ounce. Since then, the price of gold has started to rise rapidly, reaching $2,195.07 an ounce on March 8. From mid-to-late March, the international gold price fluctuated steadily.
Starting on March 28, the spot gold price in London "soared" again, rising to $2,431.41 per ounce on April 12. From the beginning of March to April 21, spot gold in London rose by more than 16.95%. The price of gold trading on the NYSE as a whole also showed a similar trend.
Has gold come to an end?
Many investors are concerned about whether gold is over, or will it make a comeback?
Some industry insiders said that the recent rise in gold and silver has been steep and a bit deviating from the fundamentals. In the short term, investors' fears of conflict in the Middle East have eased, prompting them to scale back their safe-haven trades, while market bets on Fed rate cuts have decreased, and the US dollar and US Treasury yields have risen, putting pressure on gold prices. In general, the current precious metal price deviation is obvious, to wait for it to revert to the mean, and wait for some irrational investment to clear out of this market, or wait until everyone's mood is stable, gold will gradually stabilize, and then resume its basic value trend.
Another industry insider said: "In the long run, I continue to be optimistic about the trend of gold, but in the short term, don't easily judge how deep its pullback is, we can only follow the results of the game reflected in the market, so it is recommended that investors invest rationally, the trend is not good, it is necessary to reduce positions appropriately, rather than reverse operation." ”
Wang Lixin, chief executive officer of the World Gold Council in China, said that don't jump into the market just because the price of gold is rising now. In addition, if you buy gold, you don't have to worry about it, people who invest in gold to make money are often long-term holders.
China Gold Lao Fengxiang responds to "being interviewed"
The international gold price continued to rise, and the domestic gold consumption and investment markets were also hot. At the same time, consumer complaints about gold jewellery also occur from time to time. Recently, the Market Supervision Bureau of Changzhou City, Jiangsu Province conducted an administrative interview with the Changzhou Gold and Jewelry Association and well-known gold jewelry brand management enterprises such as China Gold, China Jewelry, and Lao Fengxiang.
According to the Market and Consumer Environment Supervision Department of Changzhou Municipal Market Supervision Bureau, the recent complaints about the gold and jewelry industry in Changzhou are mainly concentrated in three aspects:
Jewelry has quality problems such as fracture, deformation, discoloration, and inlay falling off;
The "fixed price" gold pricing model is not transparent, the operator does not inform the gram weight of the gold jewelry when selling, and the "fixed price" goods and the goods by gram weight cannot be exchanged;
The "trade-in" of gold does not clearly indicate to consumers the name, weight, purity, unit price and other information of the "craft gold" exchanged.
In response to consumer complaints, the regulatory authorities organized on-site inspections. During the inspection, in addition to the above-mentioned centralized complaints, the staff also found that some well-known gold jewelry brands had problems such as false publicity, non-standard use of measuring instruments, and failure to clearly mark prices in the business process.
In terms of advertising, merchants will advertise the gold price of 480 yuan/gram, but they will use very small words to mark the price of 480 yuan/gram for every 5 grams, not 480 yuan per gram in the real sense. In addition, there are processing fees or other additional costs, and in terms of measurement, the measuring instruments used by some operators have not been legally calibrated, and there are deviations.
In view of the common problems in the industry, the person in charge of the relevant department of the Changzhou Municipal Market Supervision Bureau interviewed and warned a number of gold and jewelry business enterprises: let the operators make a rectification commitment for their own problems, and let all the participating enterprises sign a letter of commitment to honest management.
In this regard, on April 22, Lao Fengxiang's customer service told him that this was an interview made by the relevant departments to regulate the market, "not that Lao Fengxiang has business violations." On April 23, China Gold's customer service said that it had not received the relevant notice, and the products had passed the quality certification, so consumers could rest assured.
It is worth noting that in the context of the "gold fever", since the beginning of this year, the market supervision departments in Inner Mongolia, Henan, Shandong and other places have conducted administrative interviews with gold jewelry operators.
Editor-in-charge: Jiang Saisai
Inspector Zhang Xiaonan
Source: CCTV News, Southern Metropolis Daily, China Banking and Insurance News