Beijing's consumer gold market has been running hot during the Mid-Autumn Festival holiday, despite recent rises in the gold price on international markets.
Last week, the main contract for gold futures on the New York Mercantile Exchange (COMEX) has risen to over 2,600 U.S. dollars per ounce.
At a gold shop in Beijing's Xicheng District, the price of pure gold jewelry went up to about 737 yuan (about 104 U.S. dollars) per gram, but many shoppers are still looking to buy gold jewelry especially during the Mid-Autumn Festival holiday and the end-of-summer wedding season.
"It is now more than 700 yuan (about 98.7 U.S. dollars) per gram, but when we were here about two months ago, it was only just above 600 yuan (about 84.6 U.S. dollars) per gram," said a customer.
"I'm getting married, so I came to have a look. Even if the price goes up, we still have to buy it," said another customer.
"I had nothing to do during the holidays, so I came here to take a look [at the gold jewelry]. I just bought a lucky charm bead and now I want to take a look at the bracelet," said another customer.
At the shop's gold investment counter, many consumers have been making inquiries about gold bars, which has long been considered a safe investment, although experts recommend caution in the rising gold market.
At the shop's gold investment counter, many consumers have been inquiring about gold bars, which have long been considered a safe investment. However, experts recommend caution in the rising gold market.
"Many investors will buy gold bars for medium- to long-term investment based on their expected price as part of their overall family asset allocation. We suggest that investors be more rational in their decisions," said Li Yang, a senior gold investment analyst.
Beijing consumer gold market remains hot despite rising prices
Beijing consumer gold market remains hot despite rising prices
The 7th China International Import Expo (CIIE), entering its fourth day on Friday, has held 102 side events including business matchmaking sessions, investment promotion activities, and numerous forums geared toward strengthening international collaboration and economic engagement.
Since the expo's opening, procurement and investment signings have been taking the center stage, with Chinese and international participants eagerly forging new partnerships. Among the highlights, China's central state-owned enterprises (SOEs) trade delegation, National Health Commission delegation, and local trade delegations have organized 86 major signing events, landing nearly 600 cooperation agreements.
The central SOEs have achieved a record-high total intended transaction amount at the CIIE, with agreements encompassing a diverse range of sectors, including advanced technology, artificial intelligence, high-end components, and natural gas.
In addition to procurement and trade activities, this year's CIIE has convened the main Hongqiao International Economic Forum, themed "High-Standard Opening up for Universally Beneficial and Inclusive Economic Globalization," as well as various sub-forums, roundtable discussions, meetings with foreign enterprises, and "Invest in China" promotion events
The CIIE is also facilitating connections between visiting business representatives and exhibitors through a 'group tour' service. Over 4,800 attendees have engaged with approximately 1,900 exhibitors via more than 280 organized group tours.
Running from November 5 to 10, the 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions.
CIIE hosts over 100 side events to strengthen collaboration