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Price of Gold Jewellery Hits All-Time Low in Nanning
The price of gold jewellery in Nanning, capital of south China's Guangxi Zhuang Autonomous Region, has hit an all-time low despite the arrival of the peak shopping season for wedding in winter.
A gold store in Nanning has recently promoted gold jewellery priced at 83 yuan (about US$10) per gram. This marks the new lowest price ever in the city, resulting in a new round of price reduction.
Since last April the price of gold jewellery has dropped from 116 yuan per gram to 83 yuan per gram. The difference between the state guidance price (118 yuan per gram) and the market price is 30 yuan (about US$4).
An official of the Regional Gold Bureau cited three reasons for low gold jewellery prices. Firstly, gold price on the international market remains low, thus affecting the Chinese market.
Secondly, gold jewellery stores have to cut prices in a bid to attract consumers. Thirdly, some stores which are unwilling to cut down on prices have to go with the main stream.
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