A business owner from Wenzhou, Zhejiang Province, recently made a blockbuster purchase of over 100 kilograms of gold bars at the Industrial and Commercial Bank of China (ICBC) Wenzhou branch. The total transaction value exceeded 90 million yuan, setting a new record for single physical precious metal deals within the ICBC Zhejiang branch system.
This client had been inquiring about buying gold as early as May, when domestic gold prices were still hovering around 1,040 yuan per gram. At that time, ICBC's professional team analyzed the market and advised him to "wait a little longer, as gold prices still have room to fall." The investor exercised patience and held off on buying.
By mid-July, domestic gold prices had indeed dropped to around 900 yuan per gram. ICBC immediately issued a "market entry alert," and the investor decisively placed the order, perfectly timing the market low. Compared to the peak near 1,000 yuan per gram, he saved approximately 1.4 million yuan.
Many high-net-worth individuals prefer bank channels when allocating physical gold. The ICBC Ruyi gold bars involved in this transaction carry no high processing fees or brand premiums associated with jewelry gold. Their prices closely track international market trends, with only basic operational costs added. Each gold bar comes with a unique anti-counterfeiting serial number, serving as its own "ID card," and supports mobile scanning for traceability, ensuring transparent purchasing.
For those needing to liquidate in an emergency, the process is straightforward. Simply bring the gold bar, certificate, and ID card to a branch to exchange it directly for cash. The bank also offers safe deposit box services, eliminating security concerns related to home storage.
Gold Jewelry Prices from Brands Like Chow Sang Sang, Lao Miao, and Lao Feng Xiang Drop Sharply
On July 23, local time, gold and silver prices fell sharply while oil prices surged. Influenced by the Houthi attack on a Saudi oil tanker in the Red Sea and the potential for further escalation of military conflicts in the Middle East, international oil prices rose significantly on July 23. At the close, light crude oil futures for September delivery on the New York Mercantile Exchange settled at $92.19 per barrel, up 6.17%. Brent crude oil futures for September delivery settled at $100.69 per barrel, up 7.04%. This was the first time Brent crude oil prices had exceeded $100 per barrel since May 26 of this year.
Spot gold fell 1.96% to $4,049, while spot silver fell 3.60% to $57.5967 per ounce. International precious metals futures generally declined. COMEX gold futures fell 2.4% to $4,052.30 per ounce, and COMEX silver futures fell 3.99% to $57.90 per ounce.
On July 24, Beijing time, spot gold and silver continued to decline. A review shows that after three consecutive increases, domestic branded gold jewelry prices have experienced a significant drop. Chow Sang Sang's pure gold jewelry is now quoted at 1,227 yuan per gram, a single-day drop of 31 yuan. Lao Miao Huangjin's pure gold jewelry is now quoted at 1,231 yuan per gram, a single-day drop of 27 yuan. Lao Feng Xiang's pure gold jewelry is now quoted at 1,229 yuan per gram, a single-day drop of 24 yuan.
Sources: Wenzhou Evening News, CCTV Finance, Metropolis Express
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