China's gold market is experiencing a surge in demand, with prices rising sharply amid a global rally, leading to strong sales at gold retailers across the country.
At around 11:00 on Tuesday, gold prices soared, with investment gold rising by 5 yuan per gram within 10 minutes, surpassing the 700-yuan mark.
By 14:00 on the day, the price of investment gold reached 701 yuan per gram, while branded gold jewelry exceeded 880 yuan per gram.
At a gold jewelry store in Guangzhou, the capital of Guangdong Province, a saleswoman reported that despite replenishing gold bars after the eight-day Spring Festival holiday, some popular specifications had already sold out.
"Gold bars weighing 100 grams are particularly popular and are almost sold out," she said.
The price surge has also boosted gold recycling services, with transaction volumes increasing by nearly 30 percent year on year.
"They just resumed recycling services after the Spring Festival holiday, and I had made an appointment in advance. I didn't expect prices to be this high today, so I came over right away, just in time to make a profit," said a local resident.
Gold prices surge in China amid global rally
Iranian Foreign Minister Seyed Abbas Araghchi said on Monday that the situation in Iran is "under total control" following violence linked to protests that spiked over the weekend.
Addressing foreign diplomats in Tehran, the foreign minister noted that armed terrorist groups had infiltrated the protests, attempting to divert them from their legitimate course. He claimed that evidence has been gathered showing Iranian security forces being shot at, with the aim of causing further casualties. He accused the United States and Israel of exploiting the unrest to interfere in Iran's internal affairs.
Araghchi further stated that the government is closely monitoring developments on the streets, emphasizing that "the situation has come under control." He also affirmed that internet services, curtailed during the unrest, would be restored after coordination with security agencies.
The government has engaged in dialogue with merchants and protest representatives and initiated reforms to address grievances related to price hikes and currency depreciation. Iran has taken a series of actions and measures to respond to the demands of peaceful demonstrators, the foreign minister said.
Earlier on Sunday, Araghchi said that clear evidence links recent riots and vandalism of public facilities in Iran to the Israeli intelligence agency Mossad. This came after former U.S. Secretary of State Mike Pompeo mentioned Mossad agents operating on Iran's streets in a social media post. The Iranian foreign minister asserted that police are being attacked by "terrorists" acting under the direction of Israeli operatives, whom Pompeo publicly acknowledged.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and U.S. sanctions.
Iranian foreign minister says situation "fully under control," accuses Israeli intelligence of stoking unrest
