Latest News:  


Gold prices stabilise after April nose-dive


13:34, June 03, 2013

Remember the plunge of the gold price last month after massive selloffs on Wall Street. That's followed by thousands of Chinese housewives, the famously called "dama", snatched up gold products amounting to a record of 300 tons.

On Wednesday, gold edged higher, with spot gold rising around 0.4 percent to $1,385 an ounce. Does the rebound mean the shiny metal keeps its lustre among Chinese ladies?

Physical demand for the precious metal has peaked in China when gold saw its biggest daily plunge in 30 years in April.

Chinese housewives were at the forefront of a gold rush, buying gold bars and jewellery in a bid to make safe haven investments.

That was about a month ago. Now, much less visitors are bargaining for gold jewellery.

Mr Li, investment consultant in Beijing Caibai gold store, said, "After the drop in the price of gold, it is now stabilising a bit, and investors become more rational. So we see the trend of the gold price pick up in the short run. Many consumers are taking a wait and see approach."

The coastal city of Shanghai counts many century-old gold stores. Shanghai women love gold and are famous for cashing in, especially when prices are dropping.

Ms. Zhang said, "Of course it has a hedging component. If the gold price continues to fall, I may even buy some gold bullions. It can hedge when you keep it at home. It's not useful to keep cash, but you can sell the gold some day."

But the lady also says that buying gold is an investment, and any type of investment can be risky. She is not the only one who is eager to see a rebound in the price of gold.

We Recommend:

Intelligent & beautiful Asian business women

19-year-old self-made multimillionaire

55th Housing Fair held in E China's Jiangsu

Top 10 instant noodles of all time

Eye-catching models highlight house fair

'Lipstick effect' hits China as economy slows

10 million-yuan bra shines in North China

Top 10 most competitive cities in China in 2013

Hot atmosphere at Int'l Brand Underwear Fair

Email|Print|Comments(Editor:WangXin、Chen Lidan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Mechanized infantry brigade in drill

  2. Navy's sea training taskforce in drill

  3. International Children's Day around world

  4. Photo story: Mask girl's hard life

  5. Oil tank blast causes casualties in NE China

  6. Cute tiger cubs taken under patronage

  7. Xinghua village by the Great Wall

  8. Facial makeup of Peking Opera

  9. Fortune Global Forum to be held in Chengdu

  10. View of Hefei Xinqiao International Airport

Most Popular


  1. Yuan may continue to appreciate
  2. Benefits of Shuanghui's meat deal
  3. News Analysis: No need to pit China against US
  4. China, US should head towards the same direction
  5. Stronger dollar serves as damper on gold prices
  6. Who needs a diploma? just want to marry rich
  7. Acquisition to sharpen Shuanghui's edge
  8. Manipulative kids seek gifts on Children's Day
  9. Japan, India eager to forge closer ties
  10. Abducted kids' return not always a happy ending

What’s happening in China

Photo story: Mask girl's hard life

  1. Rags to riches for poor as charity shops soar
  2. 90 pct Chinese parents support sex education
  3. Unmarried mothers would be fined by new law
  4. Only fine for intern who cut students
  5. Parents want children schooled sex abuse