Fall successively!Quanzhou urban gold jewelry fell to 430 yuan/gram

After the international gold price hit a high of 2070.42 US dollars per ounce in March this year, it fell all the way to nearly $ 1700/ounce. The lower price of gold has also stimulated local gold consumption. Yesterday, the reporter visited the gold market in the city of Quanzhou Center and found that the physical gold price of gold jewelry stores in the urban area fell to around 430 yuan/gram.

The price of thousands of gold has been reduced by 35 yuan/gram a month

"In the past month, the price of thousands of gold in the store has been reduced from 465 yuan/gram to 430 yuan/gram. Based on a pair of 40 grams of gold bracelets, the price has been reduced by 1,400 yuan in one month." Ms. Li, a gold jewelry store, said that if the international gold price continues to fall, the price of gold in the store will continue to reduce the price. "The sales of gold jewelry have not increased significantly due to the decline in prices." Ms. Li said that according to the supply and demand relationship of the international gold market, it should be chasing and falling, that is, when the price of gold rose, the transaction volume was large; When falling, the trading volume was bleak. However, the transaction volume of gold jewelry in Quanzhou has a characteristic that the sales volume has little to do with the external economic environment, but it has a great relationship with the wedding season and various festivals. According to reports, on the eve of the Spring Festival from October to the following year, the golden sales season in Quanzhou City. When encountering the peak season, regardless of whether the international gold price rises or falls, the local market will have a wave of rigid demand for gold purchases; June to August of each year is the off -season of gold demand. The demand is significantly reduced. "We have done some promotional activities in the near future, and there will be more customers who buy gold jewelry." Ms. Liu, a salesperson of a jewelry shop in Jinhuai Street in the urban area, told reporters that at present, international gold prices are expected, some consumers who are preparing to get married at the end of the year It is considered that the price is more reasonable, and this has also promoted the growth of gold jewelry to a certain extent.

There is no function of hedging inflation

Although gold is regarded as inflation hedging tools, higher interest rates and bond yields increase the chance of holding gold. Industry insiders believe that although Fed officials have cool down the expectations of 100 basis points to raise interest rates last week, the price of gold prices has eased the latest days, but the market has not ushered in the expected revenge. Poor strength. In the report released by the German commercial bank, gold has recently showed that gold has not shown the function of being an inflation hedge tool and risk avoidance tool. Although the inflation rate in the United States and Europe has been at the highest level in decades and has been further rising recently, the price of gold has been under pressure for a few weeks. Even worries about the economy did not benefit gold. Instead, the price of gold even fell below the $ 1,700 mark per ounce last weekend, which was the first time in 11 months. More importantly, gold has closed down for five consecutive weeks, which has never happened in the past four years. In these five weeks, the value of gold fell nearly 9%. More and more disappointed investors have given up their gold investment, which puts additional pressure on the price.

Source: Quanzhou Tong Client

Reporter: Chen Yunqing

Edit: Weng Xintong

Review: Wu Zehua

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