Spot gold prices fell below the $4,000 per ounce threshold on Friday (23rd), causing a rush of buyers at Water Bay in Shenzhen, where the crowd was so thick it resembled a market. It was reported that spot gold prices closed at $3,995.63 per ounce, down 0.72% from the previous day, with gold prices per gram dropping by 6 yuan. As a result, the prices of bullion and gold jewelry in popular Chinese brands such as Louis Vuitton, Chow Sang Sang, Chow Tai Fook, and Old Faithful have decreased by 6 to 12 yuan per gram compared to the previous day. Domestic gold jewelry prices were around 130 yuan per gram on the 24th, about 100 yuan cheaper than a month prior. Analyzing the situation, Wang Jun, a senior expert from Greenheart Futures, suggested that the high oil prices, the further expectation of a Federal Reserve interest rate increase in December, and tighter global liquidity and deleveraging had put downward pressure on international gold prices. This pressure is expected to continue into October and early November. The combination of lower gold prices and the weekend saw a significant increase in customers in Water Bay, one of China's largest gold jewelry wholesale markets, with netizens commenting on the unusually crowded scene, jokingly suggesting "are they giving away free eggs in Water Bay today?"
Spot gold prices dipped below the psychological $4,000 per ounce level on Friday, prompting a surge of buyers in Shenzhen's Water Bay, where the scene was likened to a bustling market. Prices fell to $3,995.63 per ounce, down 0.72% from the previous trading day, with gold per gram dropping by 6 yuan. This drop affected various popular Chinese gold jewelry brands, with Louis Vuitton, Chow Sang Sang, Chow Tai Fook, and Old Faithful seeing a reduction of 6 to 12 yuan per gram, bringing domestic gold jewelry prices to around 130 yuan per gram, about 100 yuan lower compared to a month ago. Analysts noted that the current market conditions, including high oil prices, expectations of further Federal Reserve interest rate hikes, and tighter global liquidity, continued to put pressure on gold prices. The unusual congestion in Water Bay on the weekend contributed to an atmosphere reminiscent of a busy street market, with consumers pushing in large numbers to take advantage of the lower prices.
Spot gold prices dropped below the $4,000 per ounce level on Friday, leading to a sudden surge in buyers at Shenzhen's Water Bay, where the crowd was so thick it was reminiscent of a bustling market. The price of gold fell to $3,995.63 per ounce, down 0.72% from the previous trading day, with gold jewelry prices per gram dropping by 6 yuan. In response, various popular Chinese brands such as Louis Vuitton, Chow Sang Sang, Chow Tai Fook, and Old Faithful adjusted their prices, with declines ranging from 6 to 12 yuan per gram. Domestic gold jewelry prices were around 130 yuan per gram on the 24th, about 100 yuan lower than a month ago. Analysts pointed to high oil prices, expectations of a Federal Reserve interest rate hike in December, and tightening global liquidity and deleveraging as factors contributing to the pressure on gold prices, predicting further downward pressure into October and early November. The unusual congestion at Water Bay on the weekend, with crowds comparable to market scenes, exacerbated the market buzz as people sought to take advantage of lower prices.