Domestic reactions came quickly and directly. The price of some brands of gold jewelry instantly returned to around 1,200 yuan per gram. Chow Sang Sang’s price was 1,203 yuan per gram, an increase of 28 yuan per gram from the previous day. Lao Fengxiang’s price was 1,200 yuan, an increase of 17 yuan per gram in a single day. Laomiao Gold was quoted at 1,192 yuan per gram, an increase of 20 yuan per gram in a single day. These figures are like the heartbeat of the gold jewelry in addition to handling fees, exciting and clear.
The price increase this time was mainly caused by the overseas market. The three forces of the US dollar trend, capital risk aversion and investment demand combined to push up the price of gold. In the trading session, funds ran towards gold, pushing up the spot and also pushing up the futures. This was then transmitted to the domestic jewelry market. Merchants adjusted prices unambiguously and directly included changes in the international market into the gram price.
The reaction from domestic consumers is also obvious. Some people are rushing to buy in the market, while others are waiting and watching. The atmosphere at the door of the gold store is a bit like a small war. Some people are worried that they will not be able to afford it if the price goes up. Others feel that it is advantageous to buy now. These emotions overlap, causing temporary fluctuations in the sales volume and bargaining space of the store.
Jewelry brands adjust their prices quickly and directly. Big traditional brands such as Chow Sang Sang, Lao Feng Xiang and Lao Miao make real-time updates in announcements or store prices. The backend system and display boards are modified simultaneously, and cashiers also have to learn new numbers accordingly. This process is like an assembly line reaction, which is efficient but also causes congestion.
This price increase also brought about a small chain effect. The recycling price of second-hand gold increased accordingly. Pawn shops and recycling outlets also increased the purchase price on the same day. This made some people who originally planned to sell old gold for money feel that it was just the right time, and short-term selling occurred.
The media and financial channels have made continuous reports on this increase, and there have been lively discussions on social platforms. Some netizens have linked this matter to the international situation, interest rate expectations, and risk aversion. In a short period of time, various interpretations of gold prices have been flying everywhere. However, the market’s actions are more real than words, and the price has turned the page.
