The soaring gold price in 2024 has left practitioners exclaiming, 'Every day we witness history.'. Recently, COMEX gold once broke through the $2700 mark, and Shanghai gold futures rose to 600 yuan/gram. The real-time market value of gold worldwide has also broken a new record of $20 trillion for the first time.
The skyrocketing gold price has caused gold shops to encounter a "cold wave": gold jewelry cannot be sold, some stores have fallen into a wave of closures, and once bustling gold shops have become "deserted". Even gold jewelry giants like Chow Tai Fook will close nearly 180 stores in the first half of 2024.
According to the observation of the "21 Financial Materials" column, the high gold price reduces consumers' enthusiasm for purchasing gold. For the same 10 gram gold jewelry, it will still be priced at 624 yuan/gram on December 31, 2023. Based on the quoted price of 770 yuan/gram on September 28, consumers will have to pay an additional 1400 yuan, an increase of up to 21%. In a poll conducted by 21st Century Business Herald on WeChat, nearly 65% of participating readers believed that the current "gold price is too high to buy".
In this issue of '21 Financial Materials', we will review the historical moments of gold price surges and identify the factors behind multiple rounds of price surges? Have you bought gold? Do you think the gold price can continue to rise?