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
Iran has surprised its foes with the extent of its military power and resilience in the conflict with Israel and the U.S., Egyptian analysts in Cairo said.
With the conflict in its fourth week, Iran has shown that while it may lack the strong military muscle of the U.S. and Israel, it can strike effectively at Israeli cities and U.S. Gulf allies.
Iran's military capabilities are perhaps proving stronger than previously anticipated.
As soon as Israel and the U.S. attacked Iran on February 28, Tehran responded with barrages of missiles targeting Israel as well as U.S. military facilities in the six Gulf Cooperation Council countries and Jordan.
As the war began to stretch, Iran has expanded the list of its targets to include a total of 10 countries, and among them is a British base in Cyprus used by the United States.
Last week, a reported Iranian attack on another British military base on Diego Garcia Island in Mauritius signaled Tehran's possible capability to strike targets up to 4,000 kilometers away from its shores, bringing most of Europe within its radius of reach.
Walid Atlam, a researcher at the National Center for Studies, said Iran managed to use its military power to seize the global economic artery, the Strait of Hormuz, to exert pressure on the U.S. and Israel.
"The Iranian tactical strike on southern Israel, including the one near the Dimona nuclear facility or on Arad is the most effective qualitative attack during this war. It is also the deepest hit yet inside Israel. Another success for Iran is the closure of the Strait of Hormuz -- though only a partial one. In doing so, Iran managed to pressure a pillar of the global economy by disrupting energy markets and global supply chains. These effects will be felt even after a ceasefire," he said.
Iran does not match the U.S. and Israel in military might. For Tehran, surviving the war is the ultimate goal. Until then, it aims to inflict maximum damage -- not only militarily but also politically.
Mohamed al Shahawy, former chief of staff of military chemical warfare of the Egyptian Armed Forces, said Iran has surprised its foes with its military capabilities.
"Iran's resilience in fighting into the fourth week is the biggest surprise, so is its ability to target U.S. military bases with new generations of missiles. The U.S.-Israeli objective in this war, including overthrowing the regime in Iran, destroying Iran's ballistic missiles program and its nuclear facilities, and seizing Iran's enriched uranium, has failed," he said.
Atlam said the ongoing conflict seems to be undermining U.S. dominance and straining the close relations with its European allies.
"I think this war has created a kind of doubt about the United States and its foreign policy. The most significant sign is perhaps a clear European desire to reduce its dependence on the U.S., both militarily and economically. This was evident when many European countries refused to get directly involved in this war or join a coalition to secure navigation in the Strait of Hormuz," he said.
Iran's strike reveals military power, resilience against US: experts
