Gold price fluctuations affect the Chinese people

Gold price fluctuations affect the Chinese people [Overseas Chinese News reporter Li Hong reported in New York on August 11] Although the price of gold in New York fell back on the 11th after hitting a record high on the 10th, recently...

[Overseas Chinese News reporter Li Hong reported in New York on August 11] Although the price of gold in New York fell back on the 11th after hitting a record high on the 10th, it still continued to rise sharply in the last three trading days, with a cumulative increase of 8%. Faced with the “high-flying” price of gold, Chinatown gold shop owners have mixed feelings. Professionals remind those who want to buy gold to maintain their value, to see the actual price of gold clearly and to be cautious when entering the market.

Zheng Zhengjiang, a community member, said that gold has always had a special status in the hearts of Chinese people. Gold is purchased for investment and value preservation, and gold jewelry is the first choice for wedding, childbirth, and birthday gifts. The rise and fall of gold can be said to have affected the hearts of many people.

Lin Yufang, general manager of East Broadway Hongfa Gold Bank, said that watching the price of gold rise these days, she, like many of her peers, has mixed feelings. The good news is that everyone has made some money these days because they have inventory on hand; the worry is that the price of gold is unstable and has risen so high that customers are afraid to buy rashly and merchants are afraid to purchase goods, which affects business. "The number of guests has dropped by 30 to 40% these days," Lin Yufang said. The rise of gold has also led to the rise of diamonds and platinum. Lin Yufang said that from April this year to now, diamonds have risen by 40%, and currently platinum and gold are almost the same price, which has never happened before.

The rise in gold prices has affected the gift-giving habits of Fuzhou people. Ms. Huang, who was having a wedding banquet on Sunday, originally planned to buy a bracelet to give as a gift at her cousin's niece's wedding banquet. After visiting several gold stores on the 11th, she gave up her original plan. Ms. Huang said: "Now 300 yuan can no longer buy a decent bracelet, so I'd better give the money directly." Lin Yufang said that indeed, more and more people in Fuzhou now choose to give cash when getting married not only to their closest relatives, but also to those who are more distantly related by blood. ?#20116;Six years ago, one or two hundred yuan could buy a beautiful bracelet, which was nice and generous as a meeting gift. At that time, every weekend evening, before the wedding banquet, every gold shop on East Broadway would be surrounded by guests on three levels inside and three outside. We can no longer see such a situation. ?/P>

A considerable number of Chinese people buy gold to invest in value-preservation. According to the Wall Street Journal, the price of gold has risen by 25.5% since the beginning of this year. The industry currently has mixed opinions on whether gold will continue to rise. Some analysts believe that debt problems in Europe and the United States and the global economic downturn will still support gold's continued strength. Some traders even believe that it should be "easy" for gold prices to climb to 2,000 yuan by the end of the year, but others believe that as gold prices rise further, the risk of a sharp price drop is also increasing. Li Genbao, the first vice president of Bank of China's New York Chinatown Branch, said that those who want to buy gold to protect its value should not follow short-term fluctuations. When buying, they should look at its international value and be cautious when entering the market when prices fluctuate significantly.

(Editor: Wang Mukong)