Recently, affected by the situation in Russia and Ukraine, the risk aversion of funds has increased, and the price of gold has risen.
China Securities News · China Securities Taurus reporter investigated many gold stores, banks and pawnbrokers in Beijing and Chengdu and found that under the influence of the mentality of “buying up but not buying down”, gold products sell better.
gold price hit a new high in the past year
On February 24, Comex gold hit US $197650/oz, the highest in nearly a year.
On February 28, gold prices remained strong. As of press time, Comex gold rose 1.12% to US $1908.7 / ounce.
Southern Shanghai Gold ETF will advance the fund raising deadline to February 28 and will not accept subscription applications from March 1, 2022.
From the perspective of terminal consumption, in a large shopping mall in Chengdu, Chow Tai Seng Jewellery Company Limited(002867) , Lao Feng Xiang Co.Ltd(600612) , Chow Tai Fook and other gold stores offer gold jewelry at 502 yuan per gram. Except that Lao Feng Xiang Co.Ltd(600612) has a discount of 20 yuan per gram, other brands have no preferential activities. The reporter saw in the Chow Tai Fook store that many customers came to inquire about the price of gold.
The staff of Chow Tai Fook store told reporters: “the lowest price of gold jewelry in 2021 was about 460 yuan per gram. This year, affected by the conflict between Russia and Ukraine, the price of gold rose, but it has not reached the early peak. During the covid-19 pneumonia epidemic in 2020, the price of gold jewelry reached 600 yuan / gram.”
The price of gold bars is also rising steadily. The Bank Of Communications Co.Ltd(601328) staff located on the first ring road in Chengdu said: “the price of gold bars was about 380 yuan per gram before, but it has increased recently. At present, it is about 390 yuan per gram.”
The Bank Of China Limited(601988) staff in the center of Chengdu said: “the current real-time quotation of gold bar price is 400 yuan per gram, which is the highest since 2022.”P align = “center” Bank Of China Limited(601988) ‘s investment bar price
Under the influence of the mentality of “buying up but not buying down”, gold bars sell better Bank Of China Limited(601988) the staff told reporters: “after the recent rise in the price of gold, there are a lot of people buying gold bars. Our inventory is going to be sold out and we have replenished the goods several times. The customers who buy gold bars are mainly middle-aged and elderly people. They will come to buy some and put them away if they have spare money.”
An employee of Beijing Zhou Shengsheng also said that the gold price has remained high recently and the sales volume of gold bars has increased significantly. If the customer is for the purpose of maintaining and increasing value, it is recommended to buy investment gold bars.
gold recovery price increases
The rising price of gold has also affected the trend of gold recovery price Bank Of China Limited(601988) the staff said: “at present, our gold bar recycling price is about 380 yuan per gram, slightly higher than before.”
“The recycling price of gold jewelry is 360 yuan per gram, and the recycling price of gold bars is higher, 380 yuan per gram. Affected by the conflict between Russia and Ukraine, the gold price has risen recently, and the recycling price is also higher than that in 2021,” said the staff of Chow Tai Fook store
An employee of Beijing Huaxia pawnshop told reporters that the gold recycling price has increased significantly recently. It had been more than 350 yuan per gram before February, and the recycling price per gram had reached 381 yuan by February 28. This has also led to an increase in the number of people pawning gold bars recently.
future gold price or fluctuation increases
Looking forward to the future, insiders generally believe that the gold price fluctuates greatly and is slightly biased towards bulls as a whole, but the operation is difficult.
Gold is still in the process of strengthening the structural bull market this year.
Chuancai Securities said that the subsequent gold price is expected to continue to strengthen under the influence of factors such as the Fed’s expectation of raising interest rates.
Guosen futures said that the Fed meeting in mid March will probably raise interest rates for the first time since 2019. The past historical trend shows that after the interest rate increase is implemented, gold is driven upward, and high inflation is an important support for precious metals. In the game between rising inflation and tightening expectations, inflation may still have the upper hand, which is good for precious metals.
Bank Of Communications Co.Ltd(601328) the staff said: “the recent rise in gold prices is mainly affected by the conflict between Russia and Ukraine. In addition, the peak season of gold consumption is around the Spring Festival every year, so the gold price is relatively high. It is expected that the gold price may gradually decline by June.”
