EconomicWatch:RMB-denominatedgoldpriceupover5pctinthefirsthalfofMarch_GuangmingOnlineBEIJING,March16(Xinhua)--WiththeU.S.dollar-denominatedgoldpriceincreasingover5percentsincethebeginningofMarch,theRMB-denominatedgoldpricehasalsoshotupasaresult,catchingwideattentionofmarketparticipants.ThelatestdatafromtheShanghaiGoldExchangeshowsthatthepriceforgoldthatis99.99percentpureoraboveclosedat507.12yuanpergramonMarch15,up5.4percentfromtheclosingpriceof480.96onFeb.29.Notably,theRMB-denominatedgoldpricehasbeenstandingwellabove500yuan(about70.4U.S.dollars)pergramforsevenconsecutivetradingdaysfromMarch7to15.Goldjewelrypriceisalsoballooning.InChowTaiFook,awell-knowngoldretailerinChina,goldjewelrypricesreachedall-timepinnaclesof666yuanpergramonMarch11andremainedabove660yuanpergramoverthepastfewdays."Theskyrocketingpricehascontradictoryeffectsondifferentgoldbuyers.Whilesomeremainbullishandcontinuebuying,someadoptwait-and-seeapproach,andothersdecidetoselltheirjewelryatthismoment,"saidLiGang,abusinessdepartmentmanagerattheBeijingGuohuaJewelrystore.LiuRicheng,directorofthefuturesdepartmentofXiwangInternationalTradeCo.,Ltd.,saidthattheunderlyinglabormarketconditionsintheUnitedStatesinFebruarywiththeunemploymentrateincreasingtoatwo-yearhighof3.9percent,aswellasrelativelydovishcommentsfromFedChairJeromePowellhaverisenbetsthattheFedcouldbegincuttingratessoonerratherthanlater."IftheU.S.Fedopensprospectofratecuts,itwouldgiveabigwelcomefilliptothegoldprice,"saidLiu.AnalysisfromEverbrightFuturesnotesthatthestrengtheningofinterestratecutexpectationsindevelopedeconomiesisanimportantdrivingfactorbehindtheriseingoldprices,especiallythesimilarstanceofcentralbanksinEuropeandtheUnitedStates.AWorldGoldCouncil(WGC)reportsaysthattherecentgoldpricehikecanbepartlyexplainedbyaweakerU.S.dollar,anincreaseinmarketvolatilityandadropin10-yearU.S.Treasuryyields.Besides,strongChinesedemandduringtheSpringFestivalandthecentralbank'scontinuousbuyingspreealsoattributetothegoldrushsincethebeginningof2024,saidtheWGCreport."TherecentgoldpricehikeismuchsharperthanIexpected.Itisincreasingtoofast,"saidSongJiangzhen,aseniorresearcheratGuangdongSouthernGoldMarketAcademy.AccordingtoareportbyHSBC,therapidincreaseofgoldpriceisbeyondfundamentalsandthetechnicalfactorislikelytobethemaindriver."Goldpriceintheshortrunistosomeextentoverheatedandislikelytofluctuatewithinarangeafterexcessivegrowth,"saidthereport.Editor:DisclaimerTheviewsandopinionsexpressedinthisarticlearethoseoftheauthor's,GMW.cnmakesnorepresentationsastoaccuracy,suitability,orvalidityofanyinformationonthissiteandwillnotbeliableforanyerrors,omissions,ordelaysinthisinformation.