Fueled by attractive promotional activities, China's gold consumption market experienced a boost during the five-day Labor Day holiday, even as the international gold prices remain elevated.
The global gold price hit record highs 20 times in the first quarter of this year, according to a recent report from the World Gold Council.
As a result, global consumption of gold jewelry fell by 21 percent year on year, marking the lowest level since 2020.
In contrast, the demand for gold investment surged, with global investment reaching 551.9 tons, a remarkable 170 percent increase compared to the previous year.
This indicates that while gold prices have reached historic highs, the global demand for gold jewelry has declined, leading more investors to view gold as an attractive investment option.
A shopping mall in central China's Wuhan City saw consumers' demand for gold investment soar in the three days leading up to the holiday, with sales of gold bars and coins nearly tripling.
"As gold prices have fallen, we have launched various promotional activities and experienced a remarkable surge in overall sales," said Cui Jiwang, the person in charge of gold and jewelry counters at the shopping mall.
"We conduct live streaming promotions online to showcase images and styles of our popular products. Currently, around 15 to 20 percent of consumers visit our store after seeing these styles online," said Tan Yiying, head of a gold shop in Changzhou City of east China's Jiangsu Province.
Affected by the current high prices, lightweight gold products have gained popularity in China, such as small gold beans weighing only 0.3 grams.
"Even though gold prices are relatively high now, our lightweight and uniquely designed items remain popular among consumers and are selling well," said Wen Zhuqin, a gold salesperson in Yancheng City of Jiangsu.
Lightweight gold bars are also in high demand. Shuibei Jewelry Park, a renowned gold and jewelry market in south China's Shenzhen City, has been bustling with consumers, many of whom are looking to purchase lightweight gold bars. "Our consumers tend to prefer smaller weights when buying gold. Gold bars, especially those weighing five or 10 grams, have been in short supply recently," said Xu Jiaqi, a gold salesperson in Shuibei.
Many consumers also choose to sell the gold they purchased in previous years to capitalize on price differences, while others are opting to exchange old gold products for new items.
"The gold price has dropped by 60 to 70 yuan (about 8.25 to 9.63 U.S. dollars) per gram from its peak, yet most people still consider it too high. Therefore, the trade-in sales now make up the majority, accounting for 60 percent to 70 percent of our total sales," said You Meiyun, head of a gold shop in Changzhou.
China's gold market sees boost during Labor Day holiday
China's gold market sees boost during Labor Day holiday
The three astronauts of China's recently-returned Shenzhou-20 mission on Friday shared the experiences of their dramatic 204-day space mission, including detailing the emergency procedures which were implemented to bring them safely home after their return capsule was struck by space debris.
The trio -- Chen Dong, Chen Zhongrui, and Wang Jie -- met with the press in Beijing on Friday afternoon, marking their first public appearance since returning to Earth in November.
When detailing the emergency response mechanisms which were enacted prior to their scheduled return, the astronauts explained that upon discovering a triangular crack on the spacecraft's viewport window, they immediately took photos for documentation and transmitted them to the ground team, who swiftly activated an emergency plan to get the trio home safely.
Experienced mission commander Chen Dong explained how the crew had complete faith in their colleagues on the ground to find a solution to these unforeseen circumstances which led to their return being delayed.
"First, we must trust the ground team, who would anticipate everything and develop the safest return plan for us. Second, we must believe in ourselves; as well-trained astronauts, we have the ability to manage various unexpected failures. I believe that with the collaboration of astronauts and researchers on the ground, our space home will surely go farther, more steadily, and for a longer time," he said.
Following their extended stay in space as a result of the debris incident, the Shenzhou-20 crew spent a total 204 days in orbit, setting a new record for the longest duration by a single group of Chinese astronauts.
During their mission, they completed multiple payload operations, conducted extensive scientific experiments, and carried out four extravehicular activities.
"Our crew worked together with the ground team in unity and coordination, completing four extravehicular activities, several payload entry and exit tasks, and a large number of scientific experiments. It was a fulfilling yet challenging mission. The path to exploring the heavens is long and arduous, but I firmly believe that China's space missions will succeed," said Chen Zhongrui, a former air force pilot who was making his first spaceflight during the mission.
"From the ground to space, from learning to application, I have deeply felt the solid progress of Chinese space endeavors and the quiet dedication of countless personnel behind the scenes. In the future, I will accomplish each mission with full commitment, living up to the trust of the motherland and the people," said fellow astronaut Wang Jie, who was also making his debut spaceflight.
After returning to Earth on Nov 14, the trio successfully completed their isolation recovery and rehabilitation and will now resume normal training following health assessments.
The crew's return, originally scheduled for Nov 5, was postponed due to safety concerns, with the astronauts later using the return capsule belonging to their successor crew of the Shenzhou-21 mission to get back to Earth. China later launched the unmanned Shenzhou-22 spacecraft which will serve the future return of the crew now aboard the Tiangong Space Station.
Shenzhou-20 astronauts share experiences after safely returning from debris incident
