International gold prices have continued to rise, with both futures and spot prices increasing by over 30 percent, making gold one of the world's top-performing commodities.
With the National Day holiday season approaching, China's gold market is anticipating greater demand, with many consumers hit gold jewelry stores in advance to avoid the holiday rush and possible further price hikes.
Industry insiders say the price of gold jewelry has increased by anywhere from 30 percent to as much as 50 percent compared to the same period in previous years. In August, sales rose by approximately 30 percent to 40 percent compared to July, according to some gold retailers.
Steadily rising gold prices have also prompted many people to cash in their gold, with recycled gold prices and sales volumes going up daily.
"Recently, the recycling price has risen by an average of 7 to 8 yuan (about 0.98 to 1.12 U.S. dollars) per day, much more than in previous weeks when it increased steadily by only 1 to 2 yuan per day. Compared to a few weeks ago, the second hand gold sales volume has grown by about 50 percent, especially on weekends, even upon by 70 or 80 percent," said Xiao Zaihong, a gold seller in Shenzhen City, in south China's Guangdong Province.
Gold demand rises as peak sales season nears
