Recently, the international precious metals market has been experiencing continuous volatility. What is the situation on the consumer side for gold and silver in China?
At the Shuibei Gold and Jewelry Market in Shenzhen, Guangdong, customers are gathered around counters selecting gold jewelry, but compared to the usual bustling scene, it is noticeably quieter. Many consumers told reporters that although gold prices have recently fallen, they are still not at their expected level, so they plan to wait and see.
Shenzhen resident: I care about both value preservation and wearability, and I won’t buy accessories with high added value. At this price, I’ll wait and see. If I really like something, I’ll buy a little; otherwise, I won’t.
The drop in gold prices has also driven a wave of consumers with wedding-related needs to enter the market. A merchant told reporters that as the May Day holiday approaches, couples preparing for weddings have become the main buyers recently, and wedding-related products are selling well. However, compared to the peak period at the end of last year, overall sales of gold jewelry have still declined significantly.
Shenzhen Shuibei gold merchant Cai Xuling: With the May Day holiday coming soon, some people are getting married, so this weekend, more couples and those preparing for weddings are buying. Right now, more people are waiting and watching, because a large portion are hoping prices will drop further. Compared to the peak, sales have dropped by about 30%.
On the other hand, silver prices have experienced a significant decline. A silver merchant told reporters that their current sales have dropped by 30% to 40% compared to the peak period. At the same time, demand in the silver market has begun to shift from investment to accessory consumption.
Shenzhen Shuibei silver merchant Liu Fei: Previously, when everyone was rushing to buy silver bars, it wasn’t just bars—people were buying large-weight bracelets and silverware too. Now, people are more rational. Before, demand was mostly for investment, but now it’s mainly for decoration.