This week's global precious metals market experienced an epic crash, with gold and silver prices declining continuously amid market panic.

New York April gold futures plummeted from last Friday's high of $5,061.70 per ounce, breaking below $4,600 by this Friday, with a weekly decline of 9.62%, marking the largest single-week drop in 15 years; London spot gold collapsed in sync, with cumulative weekly losses exceeding 11%.

The silver market saw even steeper declines, with COMEX May silver futures falling from above $80 per ounce to $70, posting a weekly drop exceeding 14%, leading the precious metals sector.

The international gold price decline transmitted to the domestic market, with mainstream branded jewelry prices pulling back significantly, with leading brands' pure gold retail prices breaking below 1,400 yuan/gram, reducing purchasing costs for price-sensitive consumers.

Industry analysts attribute the crash to profit-taking from the previous oversized rally, a shift in global monetary policy, and tightening liquidity, with short-term market sentiment awaiting relief.