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

March 23, international gold prices continued their downward trend. Spot gold briefly fell below the $4,100 per ounce level. As of today 10:49, the international spot gold price has rebounded to $4,367.16 per ounce. Influenced by this, domestic branded gold jewelry prices continued to fall. Chow Tai Fook’s “pure gold” jewelry price was quoted at 1,346 yuan per gram, down 29 yuan in a single day; Lao Miao Gold was quoted at 1,345 yuan per gram, down 29 yuan; Zhou Sheng Sheng was quoted at 1,350 yuan per gram, down 17 yuan from the previous day.

Guangdong, Shenzhen: Falling gold prices spur a rush to buy gold

Shuibei stages a “gold-buying” frenzy

△ CCTV Finance’s “Economic Information Network” column, video dated March 22

From the previous period of sharp gains in gold prices, to a sharp drop, consumers jokingly say that besides the “bull market” and the “bear market,” they’re now also seeing a “golden monkey market.” What does gold sales look like right now? A reporter saw that in Shenzhen Shuibei’s gold market, the entrances and showrooms were packed, bustling with activity. At the counters of major gold shops, crowds of people gathered, surrounding the staff as consumers came in to ask for quotations.

The reporter learned that after gold prices had fallen for a full week in a row, consumers’ purchasing enthusiasm surged. Several gold shop managers told the reporter that weekend store foot traffic increased by about 30% month-on-month, and among the buyers were also those who came specially from other places to “hunt for gold.” In particular, some consumers planning to get married around May Day saw gold prices fall and bought in advance the “three golds” and “five golds” used for wedding celebrations.

A jewelry store manager, Chen Zefeng: Sales of bangles, necklaces, and rings will be a bit more. March is usually a slow season, but in recent days gold prices have had some adjustments, and our customer flow is more than the same period last year.

Compared with the excitement of buying gold, the recycling market appears much calmer. Some consumers choose to hold on and wait, expecting a rebound in gold prices; others worry that gold prices will continue to fall and decide to cash out sooner.

A jewelry brand purchasing/stocking center manager, Feng Qulin: Over the next few days, it may drop relatively quickly, but it’s still a wait-and-see period. If you’re buying, you might take advantage of this time to buy quickly.

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