As the New Year and the Spring Festival approach, the gold market in Shenzhen City, south China's Guangdong Province, is experiencing a peak seasonal demand.
Shuibei market, a gold jewelry manufacturing and trading hub in Shenzhen, consumer flow and gold sales are both seeing a spike.
With international gold prices lowered recently, some traditional retail gold stores have seen prices drop below 800 yuan (more than 109 U.S. dollars) per gram.
At Shuibei market, gold prices even have come down to 622 yuan (more than 85 U.S. dollars) per gram.
The price drop, combined with the approach of holidays, has sparked a rush in the gold market.
On weekends, the market has been buzzing with activity, drawing crowds of eager shoppers.
"The foot traffic has increased by about 40 percent compared to last month. Especially on weekends, the crowd is so large that some salespeople struggle to keep up with demand," said Wu Qian, a gold retailer at Shuibei market.
Despite the price adjustment, consumers remain cautious about purchasing large-weight gold items.
As a result, small-weight gold jewelry has become more popular. Additionally, gold pieces featuring the snake -- the zodiac sign of 2025 -- are trending, with many wholesalers crowded with retailers from across the country.
"I'm here mainly to buy the 12 Chinese zodiac animal-themed bracelets, especially the ones featuring the snake. Besides that, I'll also be picking up related products like necklaces, pendants, earrings, and rings," said a retailer from southwest China's Sichuan Province.
Shenzhen's gold market sees consumption upsurge
The Mecca Joint Defense Agreement, a newly formed defense pact among Pakistan, Saudi Arabia and Türkiye, represents a deterrence strategy rather than an actual threat to Iran, according to Hossein Kanani Moghaddam, a former commander of Iran's Islamic Revolutionary Guard Corps (IRGC).
The three nations on Friday signed the joint defense agreement in Mecca, Saudi Arabia, to deepen cooperation among the three regional powers amid rising regional security concerns, according to Pakistan's Foreign Ministry.
The agreement aims to strengthen collective deterrence against any act of aggression, under which an armed attack against any one of the three states shall be regarded as an attack against all, the ministry said in a statement.
However, its signing amid the backdrop of the Middle East conflict has prompted questions as to whether the parties would actually uphold their obligations in the event of a real attack.
"Treaties like these are more about deterrence than operational use. That is, if we were to attack the U.S. base in Saudi Arabia tomorrow, Pakistan wouldn't react. Even Türkiye, because they know that if they respond they'd be drawn into a war against Iran, is mostly engaging in propaganda. And in my view, it has no effect in terms of threatening Iran," said Kanani Moghaddam, who now works as a military analyst.
"We want to attack the U.S. base; we're not attacking Saudi Arabia. This base is in Saudi Arabia, and in any case Saudi Arabia understands that we're not seeking war with them. It seems that this pact that has been forged will have no effect on the war between Iran, the United States, and the Zionist regime; it is viewed more as a deterrent measure," he said.
Former IRGC commander plays down threat from Pakistan-Saudi-Türkiye defense pact
