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From China Securities

The price of gold hit a new high again, and related topics also topped the hot lists on social platforms.

On July 17, spot gold once rose above $2,480 per ounce. A reporter from Securities China checked the official website of a physical gold brand and found that on that day, the price of some brands of pure gold jewelry had reached 754 yuan per gram.

The high gold price has also boosted the popularity of accumulated gold trading. The staff of relevant platforms said that the number of new trading users has increased significantly recently. At the same time, staff of several banks told China Securities Journal that since the beginning of the year, the number of customers consulting on physical gold bar purchases and gold bar repurchase transactions has continued to increase.

"Gold price" is a hot search topic, and accumulated gold transactions are busy

On the morning of July 17, “gold price” once again topped the trending lists on social media such as Weibo.

Since the beginning of this year, the price of gold has fluctuated upward, breaking historical records many times. In the early morning of July 17, spot gold once exceeded $2,480 per ounce.

As of the latest trading day, the closing price of London spot gold was $2,468.5 per ounce, and the closing price of COMEX gold futures was $2,373.6 per ounce, with daily increases of 1.92% and 1.84%. The closing price of SHFE gold announced by the Shanghai Gold Exchange was 581.56 yuan per gram, up more than 20% from the beginning of the year.

The continued rise in gold prices has also boosted the popularity of gold accumulation business.

"The gold price has risen so fast. My cost price was 477 yuan per gram, but now it has risen to 578 yuan per gram." A user posted the earnings of his holdings of accumulated gold purchased on the JD Finance platform. Among them, one user posted a profit of up to 190,000 yuan. "This user started buying in 2022," the platform staff told reporters.

China Securities Journal reporter learned from the staff that the recent data of the platform showed that there was a significant increase in the number of new trading users of Jicunjin. In order to facilitate customer transactions, in addition to extending the trading time to 24 hours, the platform also launched a smart order function: when the gold price continues to rise and triggers the limit price set by the user, the platform will automatically sell for it.

The banks' gold accumulation business has also attracted much attention. A reporter from Securities China checked the mobile apps of major banks on July 17 and found that many banks including ICBC, CCB, Ping An, and CMB have launched gold accumulation business. The gold accumulation prices and handling fees of different banks are slightly different. The basic gold price fluctuates between 583 yuan and 597 yuan per gram, and the buying and selling fees are around 0.5%.

JD Wealth Research said that with the downward trend of US inflation, the fear of recession is increasing, and the Fed is approaching a rate cut, gold prices may fluctuate and hit a new high. Specifically, the US CPI in June was 3% year-on-year, and the overall inflation slowdown trend has become a reality. At the same time, Fed Chairman Powell recently said that there is no need to wait until the inflation rate drops to 2% before starting to cut interest rates. The market's expectations for US rate cuts and recession are rapidly heating up.

Looking ahead, the team believes that if the US unemployment rate continues to rise, the job market cools down rapidly, consumer confidence declines, and demand weakens, the downside risk of the US economy may increase. Under the expectation of a recession, gold prices may continue to fluctuate and hit new highs.

Physical gold bars are also gaining popularity

"The price of gold has risen a bit recently. Many people come to our bank to buy small gold bars, and then go to a jewelry store to have them beaten into gold jewelry. This way the cost of buying gold jewelry is lower." An employee of a large state-owned bank in South China told reporters that as the price of gold rises, the prices of domestic physical gold brands have soared, which has also boosted the bank's physical gold bar business.

Many banks also "strike while the iron is hot" to promote their own physical gold bars and other precious metal products. Minsheng Bank and Zheshang Bank launched activities in conjunction with the accumulated gold business, where users can use the balance of accumulated gold they have purchased to redeem the bank's physical gold bars, gold beans, gold jewelry and other products, and can also enjoy coupons and gold returns when placing orders.

China Securities Journal reporters checked the official websites of major brands and found that as of July 17, the price of physical gold in many gold shops had exceeded 750 yuan per gram. Among them, Chow Sang Sang's price was 754 yuan per gram, while Chow Tai Fook and Chow Sau Fook's price was 753 yuan per gram.

Previously, when the price of physical gold in branded gold shops was 600 yuan per gram, a reporter from Securities China reported that if customers brought enough self-purchased gold bars to a gold shop to make jewelry, they could save at least 2,000 yuan on a 20-gram polished bracelet.

"Now that the price of gold is higher, many people who want to get married or give gifts have begun to take the initiative to learn how to 'buy gold bars and make gold'." A gold jewelry processing industry practitioner told reporters, and also reminded: "Consumers should pay attention to the craftsmanship and pricing methods of gold processing shops to avoid 'stepping on mines'."

In addition to the purchase and processing of physical gold bars, as gold prices rise, many consumers are considering selling and buying back previously purchased bank gold bars.

China Securities Journal reporter called ICBC staff and learned that customers can repurchase the "Ruyi Gold (Au999.9) gold bars" sold by the bank at some ICBC outlets. The staff will test the density of the gold bars on the spot, and the repurchase price will be set by the bank according to the real-time gold price of the Shanghai Gold Exchange on that day. At the same time, the staff member reminded: "The repurchase must be carried out during the daily trading hours of the Shanghai Gold Exchange (before 3:30 pm), and it is also recommended that customers consult customer service to confirm the local outlets that can be repurchased before going there."

Editor: Peng Bo

Proofreading: Yang Lilin