As the Spring Festival approaches, gold bars and jewelry featuring the “snake element,” as well as gold ingots and gold gourds with blessed meanings, have become popular among many consumers. At the same time, novel and lightweight gold patches are also in high demand in the market. The reporter found that not only local residents in Shenzhen but also many consumers who specially traveled from other places are coming to purchase gold.
In addition to ordinary consumers, many merchants are also stocking up for procurement, and they generally have a positive outlook on the consumer market before and after the holiday.
Domestic Gold Price Hits Historic High
With the fluctuating rise in international gold prices, domestic gold prices have repeatedly hit historic highs.
On January 22, COMEX gold futures closed up 0.26%, at 2,758 per ounce, a new high in nearly three months. Affected by the rise in international gold prices, the Shanghai Gold main contract rose to 648.86 yuan per gram during the session and closed at 645.46 yuan per gram. This is another record high for Shanghai Gold since it surged on January 17.
According to a report by China News Finance, on the 22nd, the retail prices of pure gold jewelry from multiple domestic gold brands have exceeded 830 yuan per gram. Among them, several gold stores such as Chow Tai Fook, Chow Tai Seng, and Chow Sang Sang quoted 833 yuan per gram, Lao Feng Xiang quoted 831 yuan per gram, and Cai Bai Jewelry quoted 808 yuan per gram.
Amid high gold prices, many gold stores have launched promotional activities for the Spring Festival. Many gold stores are offering discounts of “100 yuan off per gram” or “150 yuan off per gram,” and some are also offering promotions such as “20% off craftsmanship fees” and “25% off for three pieces of fixed-price gold.”
During the visit, the reporter found that compared to the bustling sales of the previous week, on the 22nd, customers in gold stores were mostly inquiring about prices. An employee at a gold store told China News Finance, “It’s currently the Lunar New Year, and with the store’s discounts combined with mall promotions, the gold price is quite reasonable. It may go up again in the near future.”
