Gold jewelry is in high demand while investment gold loses appeal; Shanghai gold main contract drops over 8% in a single week
Golden Ten Data reported on March 22 that international gold prices declined this week, leading domestic gold prices to fall as well, which has given many consumers an opportunity to buy. After visiting several gold sales stores, it was found that gold jewelry with strong decorative attributes, such as traditional gold and 3D hard gold craftsmanship, has become more popular among consumers during the price downturn; meanwhile, investment gold bar counters have been relatively quiet, with fewer consumers coming to inquire. Some store managers stated that the volume of gold recycling business has also decreased recently. Affected by the drop in international gold prices, the main contract of Shanghai gold futures also experienced five consecutive days of decline last week. As of the close of the night session on Friday, the main contract of Shanghai gold futures was quoted at 1,016.12 yuan per gram, with a weekly decline of over 8%. Gu Fengda, Chief Analyst at Guoxin Futures, said that the domestic market followed international gold prices and saw the largest weekly decline in 40 years, consecutively breaking through key technical levels such as 1,050 yuan and 1,030 yuan, showing a downward breakout trend. The sharp drop in gold prices this round is the result of multiple factors resonating in the short term: first, the short-term failure of the risk aversion logic; second, a liquidity crisis in global markets; third, a short-term shift in expectations for global monetary policy.
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