Gold prices fall continuously, hitting three-month lows, with multiple refiners' spot gold prices dropping below 1400 yuan/gram

March experienced consecutive declines, with gold prices dropping 200 yuan per gram within the month.

This Friday, international precious metal prices generally declined, with gold falling below the $4,500 mark, including a 3.42% drop in spot gold to $4,491.67 per ounce. Influenced by the decline in international gold prices, domestic branded gold shops also saw prices decrease for several consecutive days.

On March 21, Chow Tai Fook and Chow Sang Sang retail prices for 24K pure gold jewelry were listed at 1,397 yuan per gram, down 50 yuan per gram from the previous day. Chow Sang Sang also quoted 1,397 yuan per gram, a decrease of 54 yuan from the previous day.

The listed prices for gold jewelry on that day hit their lowest point since March. For example, at brands like Chow Tai Fook and Chow Sang Sang, the price of 24K gold jewelry was still around 1,608 yuan per gram on March 1. After more than two weeks of continuous fluctuation, the current prices have fallen below 1,400 yuan.

This round of declines caught many off guard. Earlier this year, several branded gold shops launched a price hike wave, focusing on fixed-price products. Chow Sang Sang was the first to raise prices in January, with increases ranging from about 5% to 15%. Chao Hong Ji followed closely, with overall increases of 10% to 20%.

High-end brands that only sell fixed-price traditional gold products also joined this price adjustment trend. Lin Chao Jewelry and Bao Lan completed their price adjustments at the end of January and early February, respectively.

On February 28, Lao Pu Gold initiated its first price increase of the year, with a rise of 20% to 30%. On March 9, Junpei Jewelry adjusted the prices of its products overall. For example, a 50-gram bamboo bangle that was priced at 97,530 yuan before the increase was listed at 143,080 yuan on March 9, an increase of over 40%.

A consumer who had purchased jewelry before a previous price hike told reporters that at the time, they felt they had made a profit because the next day, the price of the pendant they bought increased by 20% at the store. However, now they realize that’s not entirely the case. “If you just see it as a consumer product and think that buying a finely crafted necklace also has gold’s value preservation attribute, that’s fine. But if you’re purely investing, I wouldn’t recommend buying such high-premium products.”