Gold prices are down. Are more people buying it? We went to the mall to check it out.

On March 23, at the Gold Jewelry Section of Bailian Zhonghuan Shopping Plaza, Knews reporters noticed that the gold prices of more than ten brands in the mall had all fallen below 1,400 yuan per gram. Some brand counters still had citizens stopping by to inquire.

A citizen consulting about exchanging old gold jewelry admitted, “I don’t care whether gold prices go up or down. I have some old gold jewelry at home, the styles are outdated and worn, so I want to exchange for new ones.” When asked if the price of gold would influence her decision, she said, “It doesn’t matter. If I want to buy, I will buy regardless of the price.”

Compared to those buying out of necessity, some citizens came with a “bottom-fishing” mentality, but their attitude was more rational. “I’m here to check the market today. If the market is favorable, I might consider buying some to store,” shared a citizen. “Keep a steady mindset. Whether buying or selling, it’s like stocks—there are ups and downs. Once you’ve bought, don’t check the price every day; it’s too stressful.”

Although gold prices continued to decline last week, many store clerks said that overall sales remained stable and the amount sold in grams even increased. The majority of buyers were those with urgent needs.

Yu Haiyan, store manager of Gold Supreme, said, “Overall, last week’s customer flow was quite stable, with no obvious decline. Actually, even though gold prices fell, many people didn’t just hold and wait; instead, they wanted to buy gold while the price was dropping.”

Li Jing, store manager of Lao Fengxiang, gave similar feedback: “Compared to the previous weeks, our sales last week were quite steady, and the grams sold even increased a bit. People’s needs are consistent—like for weddings or having children, adding gold is not just jewelry but also a blessing.”

Guan Yufei, store manager of China Gold, said, “Last week, our sales of gold bars and jewelry slightly declined, but the drop was not significant, and the grams sold increased, filling the sales gap. Our regular customers are still here, and I remain optimistic about our store’s overall future sales.”

In contrast, the gold ATM machines inside Global Harbor appeared somewhat quiet. A reporter observed for 40 minutes and saw only one citizen bringing a small amount of old jewelry for consultation. Ultimately, due to the low prices today, no repurchase was completed after the inquiry.

The citizen consulting about repurchasing expressed concerns shared by many: “I looked at my old gold at home. Compared to before, it’s definitely fallen, but I’m not sure if it will rise or fall later, so I don’t dare to sell easily. If gold prices drop further, I might buy a bit more. I’ve always liked gold.”

The staff at the gold ATM said that, affected by last week’s price decline, the volume of gold repurchase had significantly shrunk. Some citizens holding gold hoped for further price recovery and were reluctant to sell at a discount now. Additionally, the continuous decline in gold prices has triggered market hesitation. “Gold prices used to stay around 1,100 yuan per gram, then gradually fell below 1,100, 1,080, 1,040, and even broke below 1,000 yuan per gram by the weekend, which greatly impacted the repurchase volume.”

She further added, “On weekends, we used to repurchase 200-300 grams in a day; earlier, it could reach 600-700 grams. The difference is obvious. Mainly, people are too cautious, waiting for gold prices to rise before selling.”

Industry experts remind that gold has both commodity and investment attributes, and its prices are influenced by multiple factors. Fluctuations are normal market behavior. Citizens are advised to buy gold rationally based on their actual needs.

Reporter | Wang Di

Source: Knews