Shanghai gold market heats up during National Day holiday

Shanghai's gold market has embraced a surge in sales as local gold retailers are experiencing a higher foot traffic boosted by the ongoing National Day holiday season running from October 1 to 7.

At a gold retail store in the city's classic tourist attraction Yu Garden, customers began arriving as soon as the store opened at 10:00 to browse jewelry. The store's sign indicates that the price of pure gold is 773 yuan (110 U.S. dollars) per gram.

The customer traffic has significantly increased in the "Golden Week" holiday -- also a peak wedding season nationwide. 

"I'm preparing for my wedding, so I will take a look at gold earrings, rings and necklaces. I will not give up buying just because it's expensive," said a customer. 

"I've bought a bracelet hoping it could bring me luck. The gold price is relatively high, so the store discounts are one factor that prompts us to make purchases indeed," said another customer. 

"During the National Day holiday season, the customer flow basically remains at 800 to 1,000 people per day, an increase of about four times over usual times. We are now offering a retail gold price discount of 40 yuan (5.68 U.S. dollars) per gram," said Zhou Mingyuan, deputy manager of the gold store. 

At another gold retail outlet, many customers were inquiring about or purchasing gold jewelry and investment bars. 

The store has introduced several lightweight, design-focused pieces for the holiday, which have attracted considerable attention.

"Personally, I prefer jewelry with a strong sense of design, and then those with a strong Chinese element. I think the gold price is a little bit high, but it is still acceptable. If the style is okay, I will buy it," said a customer. 

"During the National Day holiday, our store sees quite a large passenger flow, about five or six times more than usual. Over half of them are young people, and what the customers prefer are products with small gram weight," said Gao Wanying, head of another gold store. 

This National Day "gold rush" reflects both the traditional Chinese preference for gold as a store of value and gift, as well as the recovering consumer confidence in the country's economy. 

Shanghai gold market heats up during National Day holiday

The death toll from Israeli attacks on Lebanon since March 2 has risen to 3,666, with 11,321 others wounded, as Israeli strikes and shelling across the country continued, according to data released by Lebanon's Public Health Emergency Operations Center on Tuesday.

The latest update comes as fresh violence continued on Tuesday, with at least 16 people killed and dozens injured in a wave of Israeli airstrikes and drone attacks across southern Lebanon, according to Lebanese sources.

The deadliest attack targeted a residential area in the southern city of Tyre, where eight people were killed and 32 others were wounded, according to Lebanon's National News Agency (NNA) and local search and rescue officials.

Elsewhere, six people were killed in separate drone strikes in the Nabatieh region, including four in a pre-dawn attack on the town of Kfar Remmen. In another incident, two Syrian nationals were killed in a preliminary toll from a series of Israeli airstrikes that targeted the area between the towns of Ansariyeh and Adloun.

Lebanon's Civil Defense Directorate said two of its personnel sustained minor injuries when a drone strike hit an area in the town of Sharqiya while they were responding to an earlier attack on a vehicle.

The continued violence comes despite a ceasefire agreement reached on June 3 following trilateral negotiations in Washington involving Lebanon, Israel, and the United States.

Lebanon death toll climbs to 3,666 as Israeli strikes continue