May Day Golden "Dive" triggers a buying frenzy: Water Bay Market is crowded with people, and some tourists are dragging large suitcases to shop.

During the May Day holiday, the price of gold continued to decline. On May 1st, the spot price of gold fell by more than 2%, approaching $3220 per ounce. Although there was a slight rebound the next day, as of the time of writing, London gold was still under pressure below $3245 per ounce. The real-time gold price in Shuibei, a major gold distribution center in China, also fell to 780 yuan per gram. The price drop attracted a rush of onlookers, leading to a significant increase in market traffic. On May 2nd, reporters visited Shuibei and found that by 2 PM, the gold shops at Shuibei Jinzhan Jewelry Square and Shuibei Wanshan were crowded with people. Some out-of-town tourists were even shopping with suitcases. A gold recycler explained that since mid-April, the scale of gold recycling has been increasing significantly. In particular, the price of gold recycling has climbed to over 800 yuan at one point, leading to many customers lining up to recycle their gold. The volume of gold recycling during the May Day holiday was also large, keeping them extremely busy, with daily recycling volume doubling compared to usual.