Shuibei Gold Prices Surge Nearly 50 Yuan in Two Days; Volatility Shifts Gold Buying Logic

On the 6th, international gold prices continued to rise, with spot gold briefly breaking through the $4,300 per ounce mark during trading, hitting a seven-week high. Gold futures prices also extended the gains seen in the previous few trading sessions.

Fluctuations in gold prices have directly transmitted to the domestic gold consumer market, leading to corresponding upward adjustments in wholesale quotes at the Shuibei gold market in Shenzhen over the past two days.

On the afternoon of August 6, reporters observed at the Shuibei market in Shenzhen that the wholesale quote for 999 pure gold jewelry was around 1,100 yuan per gram, an increase of nearly 50 yuan compared to two days prior.

Reporters learned that compared to the buying frenzy at the beginning of the year, consumers' logic for purchasing gold is undergoing significant changes. In the face of gold price volatility, investors are generally becoming more conservative, while rigid demand for weddings and value-preserving consumption have become the main forces in the market. Meanwhile, the gold recycling and trade-in businesses are showing marked "unevenness" in activity.

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