Shanghai gold market heats up during National Day holiday
Thu Oct 03 2024
Shanghai's gold market has embraced a surge in sales as local gold retailers are experiencing a higher foot traffic boosted by the ongoing National Day holiday season running from October 1 to 7.
At a gold retail store in the city's classic tourist attraction Yu Garden, customers began arriving as soon as the store opened at 10:00 to browse jewelry. The store's sign indicates that the price of pure gold is 773 yuan (110 U.S. dollars) per gram.
The customer traffic has significantly increased in the "Golden Week" holiday -- also a peak wedding season nationwide.
"I'm preparing for my wedding, so I will take a look at gold earrings, rings and necklaces. I will not give up buying just because it's expensive," said a customer.
"I've bought a bracelet hoping it could bring me luck. The gold price is relatively high, so the store discounts are one factor that prompts us to make purchases indeed," said another customer.
"During the National Day holiday season, the customer flow basically remains at 800 to 1,000 people per day, an increase of about four times over usual times. We are now offering a retail gold price discount of 40 yuan (5.68 U.S. dollars) per gram," said Zhou Mingyuan, deputy manager of the gold store.
At another gold retail outlet, many customers were inquiring about or purchasing gold jewelry and investment bars.
The store has introduced several lightweight, design-focused pieces for the holiday, which have attracted considerable attention.
"Personally, I prefer jewelry with a strong sense of design, and then those with a strong Chinese element. I think the gold price is a little bit high, but it is still acceptable. If the style is okay, I will buy it," said a customer.
"During the National Day holiday, our store sees quite a large passenger flow, about five or six times more than usual. Over half of them are young people, and what the customers prefer are products with small gram weight," said Gao Wanying, head of another gold store.
This National Day "gold rush" reflects both the traditional Chinese preference for gold as a store of value and gift, as well as the recovering consumer confidence in the country's economy.
Source: https://www.bastillepost.com/