Gold jewelry price per gram drops sharply! Is the "Golden Monkey Market" coming?

Source: CCTV Finance

On March 23, international gold prices continued to decline, with spot gold once falling below the $4,100 per ounce mark. As of today at 10:49, the international spot gold price has rebounded to $4,367.16 per ounce. As a result, domestic brand gold jewelry prices continue to decline. Chow Tai Fook’s 24K gold jewelry is priced at 1,346 yuan per gram, down 29 yuan in a single day; Lao Miao Gold is at 1,345 yuan per gram, down 29 yuan; and Chow Sang Sang is at 1,350 yuan per gram, down 17 yuan from the previous day.

Guangdong Shenzhen: Falling gold prices spark a buying frenzy

Shuibei is bustling with “gold rush” activity

Gold prices have shifted from a significant increase to a significant decrease, leading consumers to jokingly refer to the current market as a “golden monkey market” in addition to the “bull market” and “bear market.” What is the current sales situation for gold? The reporter observed that the gold market in Shenzhen’s Shuibei is bustling with activity, with many consumers crowding the counters of major gold stores to inquire about prices.

The reporter learned that after a week of continuous price drops, consumer buying enthusiasm has surged. Several gold store managers informed the reporter that weekend foot traffic increased by about 30% compared to the previous week, including buyers who traveled from out of town specifically to “pan for gold.” Particularly, some consumers planning to get married during the “May Day” holiday have taken advantage of the falling gold prices to purchase the “three golds” and “five golds” needed for weddings in advance.

Store manager of a jewelry store, Chen Zefeng: Sales of bracelets, necklaces, and rings have increased a bit. March is usually considered a slow season, but recently, with some adjustments in gold prices, our foot traffic has been higher than the same period last year.

In contrast to the bustling buying atmosphere, the recycling market appears much calmer. Some consumers choose to hold and observe, expecting a rebound in gold prices; others are concerned about further declines and choose to cash out early.

Store manager of a jewelry brand distribution center, Feng Qiulin: Prices may drop quite quickly in the past two days, but we are still in a wait-and-see period. For buyers, they may want to seize this opportunity to buy quickly.

Reporter: Liu Weiyi

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