International gold prices continued their downward trend on Thursday, falling below the 2,600 U.S. dollars per ounce mark and hitting a two-month low.
Gold opened the day at 2,572.91 U.S. dollars per ounce, with a high of 2,581.24 U.S. dollars and a low of 2,555.22 U.S. dollars, marking a decline of 0.58 percent over the day and extending a five-day losing streak. As of 15:00 on Thursday, the price was reported at 2,555 U.S. dollars per ounce, nearly 7 percent lower than its historical peak.
According to senior investment analyst Li Yang, the decline in gold prices can be attributed to several factors.
"With the U.S. elections concluded, many uncertainties remain, and geopolitical conflicts continue, gold price has dropped. Additionally, many gold bulls are taking profits at high levels, contributing to the ongoing drop in prices," he said.
Reflecting these trends, domestic gold prices in China also fell on Thursday. The Shanghai Gold Exchange reported a closing price of 591.12 yuan per gram (about 2,310 U.S. dollars per ounce) for Au9999, down 1.98 percent for the day. The main contract for gold futures closed at 593.10 yuan per gram, down 1.95 percent. Furthermore, retail gold jewelry prices were adjusted downward, with reductions ranging from 8 to 14 yuan (1.1-1.9 U.S. dollars) per gram.
Gold prices drop to two-month low amid market uncertainty
The China International Emergency Management Exhibition opened in Beijing on Wednesday, which helps address the growing demand for global cooperation in preventing and mitigating disasters.
The three-day exhibition highlights latest technologies in disaster prevention, rescue, firefighting, and workplace safety, attracting more than 150 companies from home and abroad.
The exhibition is also believed to be a major step to promote international cooperation in natural disaster prevention and emergency management under the Belt and Road Initiative. "The exhibition is an important platform to showcase new equipment, new materials and new technology, promote industrial development, and facilitate international exchange," said Xu Jia'ai, Vice Minister of Emergency Management.
Foreign ambassadors to China said that they value the opportunities to work with the country, so as to get their countries well prepared for the uncertainty of natural disasters.
"Of course, Nicaragua has very limited resources to address these multiple challenges, but by working, by cooperating with China, we can learn from Chinese experience. We can acquire a Chinese technology that can, in turn, help us to protect our people's lives better," said Michael Campbell, Nicaragua's Ambassador to China.
"Honestly, when I walked in, I saw a range of different types of technology. One of the things that I notice is the size of the drones. I spoke to one of our colleagues on the floor when she was telling me about the drones which have all these camera capabilities that can go on scooping missions. So when the drones go out, they can assess the danger, assess the types of responses that I need to deal with a situation like that, because most times, unfortunately, human life is at risk. We send out drones to assess emergencies on the ground," said Analisa Low, Trinidad and Tobago's Ambassador to China.
"This is the good achievement not only for China but also for the Global South countries and peoples and human beings as a matter of fact, because it helps the other countries to achieve more equipment and knowledge to protect their people," said Abolfazl Olamaei Far, Head of Mission of the Embassy of Iran.
More than ten releases and activities debuting equipment will be held at the event. Officials said they hope the exhibition will become a platform to promote exchanges for the technological development of disaster relief, as the world continues to experience the impact of global warming.
China hosts exhibition on disaster prevention, emergency management
