Gold jewelry prices break 1200 yuan, experts say short-term gold prices still have upward momentum

According to Guoshi Zhitongche, on October 14th, spot gold continued to strengthen, reaching as high as USD 4,179 per ounce at the time of writing. In contrast, domestically, according to the updated information, CHOW SANG SANG's gold jewelry price has risen to CNY 1,213 per gram. The price of gold jewelry has increased by CNY 400 per gram this year. When will the heat of gold prices subside? Pan Helin, a member of the Expert Committee on Information and Communication Economy of the Ministry of Industry and Information Technology, stated in an interview that since gold itself is already at a high level, its price support relies on broad market consensus, so the stability of gold prices is not very good. He believes that in the short term, gold prices still have upward momentum, but in the long term, it is still a trend of rising and then falling back. He indicated that the main factors leading to the decline in gold prices could be central banks selling gold to stabilize their currencies, or the gold price being too high, causing investors to hesitate. In short, trend reversal is a long process. "Sometimes, a bull market does not signal a peak, but a peak will eventually appear."