The price of gold has plummeted! This is the headline that swept our circle of friends today. What's going on? In the early morning of June 29, 2024, both international and domestic gold prices fell significantly. This is not just a game of numbers, but it has affected the mentality of countless investors and the general environment of the market
The event passed
In the early morning of June 29, while most people were still asleep, the international gold market was quietly changing. The international spot gold price fell to 2319.04 US dollars / ounce, equivalent to about 541.52 yuan / gram, while the price of domestic gold (the main force of Shanghai gold) also fell to 549.04 yuan / gram. Such a price movement is undoubtedly shocking news for those who follow the gold market.
This price plunge is not just a change in numbers, it reflects a large fluctuation in market sentiment. Investors and market analysts are looking for reasons for the price drop. Some speculate that it is due to changes in the global economic situation, while others believe that it may be the result of the actions of large financial institutions. Whatever the reason, this movement has a direct impact on the immediate performance of gold prices.
At the same time, the gold prices of major domestic gold stores have also adjusted to varying degrees. Taking well-known gold stores such as Chow Tai Fook and Lao Fengxiang as examples, their gold prices have remained at around 713 yuan/gram, while Dongxiang gold has even reached 716 yuan/gram. The prices of these gold shops are usually slightly higher than the market gold price because they include processing fees and brand value.
At the same time as the price of gold fell, the markets for silver and palladium were not to be outdone. The international spot silver price was reported at US$29.33 per ounce, or about 6.85 yuan/gram, while the price of domestic silver (the main force of Shanghai silver) was 7,761 yuan/kg. Compared to gold, the price of silver seems to be more volatile, showing another dynamic of the market.
The dynamics of silver recycling prices are also interesting. The recycling price of pure silver is 6.81 yuan/gram, while the recycling price of 925 silver is 6.38 yuan/gram. This price difference reflects the market demand and recovery value of silver of different purities. In the bullion market, every cent of price movement can mean a huge inflow or outflow of money.
Next up is palladium, a metal that many consider to be a little mysterious, and whose price has also undergone significant changes at the same time. The international spot palladium price reached 963 US dollars / ounce, equivalent to about 224.29 yuan / gram. At the same time, the main contract price of palladium is also $963. Due to its important use in industry, the fluctuation of the market price of palladium can always attract market attention.
In this ups and downs in metal prices, the most eye-catching is gold. From the opening to the highest point, and then to the decline, behind every number is a fierce game of funds. Spot gold climbed from the opening price of $2,327.45 an ounce to a high of $2,337.29 an ounce before closing down -0.35%. Such market dynamics are not only a game of numbers, but also a psychological test for investors.
Behind the gold price plunge on this day, every movement in the market can be a subtle indication of the direction of the flow of millions or even billions of funds. Investors and analysts alike are closely monitoring every fluctuation in the price of these metals in an attempt to decipher future market trends.
In addition, the volatility of gold prices also directly affects the performance of financial products. Many gold-based financial products, such as gold ETFs, gold futures, etc., experienced a revaluation of value on this day. Investors need to be extra cautious in this market environment, as every big rise or fall in the gold price can directly affect their investment returns.
In conclusion, the June 29 gold price plunge was not just a simple market event, it reflected a deep change in global financial markets. From international to domestic, from spot to futures, from gold to silver to palladium, the price movements of each metal are closely related. The market movement on this day is an important day for everyone who pays attention to the financial markets.
After the news of the sharp drop in gold prices swept the Internet, the reactions of netizens were also varied, and they left their opinions and comments on major social platforms. Below, let's take a look at how netizens view the incident of this gold price crash.
A netizen named "Gold Coin Collector" wrote on Weibo: "When I got up today and looked at the price of gold, I felt that I had lost 100 million! Yesterday, I was still struggling with whether to sell the gold in my hand, but today I saw that it fell directly like this, which is really exciting! Under this netizen's message, many people left messages expressing sympathy, and some people half-jokingly comforted him and said, "Next time, you can consider doing a divination and then decide to buy and sell." ”
Another user named "Financial Xiaobai" shared his thoughts on Zhihu: "Does the fact that the gold price has fallen so sharply this time mean that now is a good time to start?" Is there a knowledgeable big guy to analyze it? Under his question, a number of netizens who claimed to be financial analysts jumped out to express their opinions, some thought that now is indeed a good buying opportunity, and some thought that the market was still unstable and suggested waiting and seeing.
On Twitter, one user "@金融风暴眼" expressed his opinion: "Every time there is a big fluctuation in the price of gold, we can always see two very different reactions of the market: panic and greed. This time is no exception, some people want to buy the bottom, and some people are in a hurry to cut the meat. The market is really the best textbook of human nature. The tweet quickly garnered a large number of retweets and comments, apparently resonating widely.
On Douban, a user named "Gold Market Veteran" wrote his observation: "After watching the gold market for so many years, this decline is indeed a bit unexpected. But it also reminds us that investing in gold requires adequate risk management and should not blindly follow the trend. Many novice investors below his comment thanked them, saying it was a vivid lesson for them.
These comments not only show the diversification of market responses, but also reflect the different attitudes and coping strategies of investors at different levels towards financial market volatility. From pessimistic forecasts to optimistic investment suggestions, from professional analysis to the confusion of ordinary investors, this sharp drop in gold prices has undoubtedly brought deep thinking to all parties in the market.