On October 11, 2024, the international gold price hit a new high, and the gold price broke through the $2,600 per ounce mark, which made many investors red-eyed. However, is it really worth buying at such a high price? Let's take a look at today's quotes, which may give you some inspiration.
Gold prices soared, and domestic and foreign markets rose in unison
When I looked at my phone this morning, it almost scared me to death! The international gold price soared to $2,612.39 per ounce, and silver also rose to $30.56 per ounce.
Not to be outdone, the domestic market has raised the prices of gold jewelry from major brands. Although Chinese gold is relatively cheap, it costs 731 yuan/gram, while other brands are even more expensive, reaching a maximum of 768 yuan/gram!
Platinum is slightly cheaper, but it's also staggeringly expensive. Liuliufu's platinum jewelry is quoted at 399 yuan/gram, and Chinese gold and Caibai jewelry are slightly cheaper, 358 yuan/gram. But compared with last year's price, it still has risen a lot!
Gold bar prices vary greatly, how should investors choose?
When it comes to investing, many people may think of buying gold bars. But today's bar prices are an eye-opener for me. The cheapest Saturday Fu is quoted at 673 yuan/gram, and the most expensive is as high as 758 yuan/gram! That's too big a difference, isn't it?
I remember seeing a report a few days ago that many people are now hoarding gold bars, believing that gold is a good tool to fight inflation. But seeing such a big price difference, I wondered, which one should I buy? Will there be anything greasy about the cheap ones? Isn't the expensive one ripping off customers?
Behind the soaring gold price, the economic situation is worrying?
Some say that the rise in gold prices is a sign of economic instability. I think there's some truth to that. In recent years, the global economic situation has indeed been less optimistic, and various geopolitical conflicts have been endless. Coupled with the vacillating monetary policies of central banks, it is no wonder that everyone is looking for a "safe haven".
However, I think it may not be that simple. After all, the rise in gold prices may also be due to increased investment demand. Many people are worried about inflation right now, so it makes sense to invest their money in gold.
There is a big price difference between domestic and foreign prices, who is taking advantage of it?
After carefully comparing the international gold price and the domestic price, I found that the gap is quite large. According to today's exchange rate, the international gold price is about 595 yuan/gram, and the cheapest gold bar in China is also 673 yuan/gram. What's the difference in between?
Some say it's because of taxes and fees in the domestic market, while others think it's profiteers taking advantage of the opportunity to raise prices. But I think it's probably the supply and demand relationship that is at play. After all, the domestic demand for gold has always been strong, and it is normal for the price to be higher.
Will high-priced gold become a bubble?
Seeing such a high price of gold, I can't help but worry if it will become a bubble. I remember that in 2011, the price of gold also soared to more than $1,900 per ounce, but then it fell sharply. Will the current situation be repeated?
But then again, the economic situation is not the same now as it was more than a decade ago. Debt levels are generally high and monetary policy is accommodative. In this case, gold's position as a safe-haven asset is likely to be more solid.
As an ordinary person, I was both excited and hesitant to see such a high gold price. The excitement is that people who have a little gold in their hands feel that they have suddenly become rich; Hesitating, is it too late to buy? If it rises again, won't you miss another opportunity to make a fortune? But if the price falls sharply after buying, the loss will be large.
To be honest, in the face of such a complicated situation, I don't know whether to "get on the bus" or not. Maybe for us ordinary people, instead of dwelling on whether to buy gold or not, it is better to work hard, work hard to make money, and improve our income and quality of life. After all, real wealth is not obtained by speculation, but by one's own hands.
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