After Gold Breaks Below $4,000/oz, Small-Weight Gold Bars in Beijing See Buying Frenzy

CoinFeed reported on June 25, citing China News Service, that overnight spot gold fell below the $4,000 per ounce mark, and the price of Au99.99 (gold spot physical contract) on the Shanghai Gold Exchange returned to the "8" prefix. Today at the Caibai Jewelry main store in Xicheng District, Beijing, small-weight gold bars such as 10g and 20g were the most sought-after. By around noon, 10g basic investment gold bars and 20g Year of the Horse gold bars sold out. On-site, some customers paid directly with cash, while others maxed out multiple bank cards. "Your 100g costs 88,310 yuan. The money on this card is insufficient. How will you pay the rest?" a Caibai salesperson asked a customer. "I have several other cards. Swipe them all, and if it's still not enough, I'll use WeChat or Alipay," the customer said, taking out the remaining cards. After swiping all of them, he paid a few thousand yuan via WeChat.