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

(Source: Cangzhou Release)

Transferred from: Cangzhou Release

On March 23, international gold prices continued their downtrend. Spot gold briefly fell below the $4,100 per ounce level. As of 10:49 today, international spot gold prices have rebounded to $4,367.16 per ounce. Driven by this, domestic branded gold jewelry prices continued to decline. Chow Tai Fook’s pure gold jewelry quote was 1,346 yuan per gram, down 29 yuan for the day; Lao Miao Gold reported 1,345 yuan per gram, down 29 yuan; Chow Sang Sang quoted 1,350 yuan per gram, down 17 yuan from the previous day.

Guangdong Shenzhen: Falling gold prices spark a rush to buy gold

Shuibei stages a “gold-hunting” frenzy

△ CCTV Finance’s “Economic Information Lianbo” program video on March 22

From the previous period of sharp rises in gold prices to sharp declines, consumers have jokingly dubbed it as “a bull market” and “a bear market”—and now they’re also seeing a “gold monkey market.” What is the current state of gold sales? Reporters found that in Shenzhen’s Shuibei gold market, there are crowds and exceptional bustle. At the counters of major gold stores, people pack in, surrounded by consumers coming to ask about prices.

Reporters learned that after gold prices fell continuously for a week, consumers’ purchase enthusiasm has surged. Several gold store managers told reporters that on the weekend, foot traffic increased by about 30% month-on-month, with some buyers even coming from other places specifically to “hunt for gold.” In particular, some consumers planning to get married during the “May Day” holiday, seeing the sharp drop in gold prices, have started buying the wedding “three golds” and “five golds” in advance.

A jewelry store manager, Chen Zefeng: Sales of bangles, necklaces, and rings will be a bit higher. March is normally a slow season, but recently gold prices have made some adjustments, and our customer traffic is higher than the same period last year.

Compared with the bustle of buying gold, the recycling market looks much calmer. Some consumers choose to hold off and wait, expecting gold prices to rebound; others worry that gold prices will keep falling and choose to realize gains sooner.

A jewelry brand’s procurement center manager, Feng Qiulin: These days it may drop relatively fast, but we’re still in the observation period. If you’re buying, you might take advantage of this time to buy quickly.

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