Brand Gold Jewelry Prices Continue to Decline! Consumers: Witnessing a "Gold Bear Market"

On March 24, due to the high rebound of international gold prices, the prices of branded gold jewelry continued to decline. That day, Chow Tai Fook quoted 1,346 yuan per gram, down 29 yuan per gram compared to yesterday; Chow Sang Sang quoted 1,350 yuan per gram; Lao Feng Xiang quoted 1,345 yuan per gram.

Market reports indicate that the fluctuating decline in gold prices has disrupted some brands’ plans to raise prices. Chow Tai Fook’s “fixed price” product price adjustment plan has been postponed multiple times. In response, reporters confirmed with several Chow Tai Fook stores in Beijing that the price adjustment has indeed been delayed. However, stores said they have already received new price tags from headquarters but have not yet replaced them.

Guangdong Shenzhen: Falling gold prices spark buying frenzy

Water Bay hosts a “gold panning” rush

Gold prices, which previously surged sharply and then plummeted, are now humorously referred to by consumers as the “Golden Monkey Market,” in addition to the “bull market” and “bear market.” How is the current gold sales situation? Reporters observed that the gold market in Water Bay, Shenzhen, is bustling and lively. Countertops at major gold shops are crowded with customers asking for prices.

Reporters learned that after a week of continuous decline in gold prices, consumer enthusiasm for purchasing has surged. Many gold shop managers told reporters that weekend foot traffic increased by about 30% compared to the previous week, including buyers who traveled from other places specifically to “pan for gold.” Especially for consumers planning to get married during the “May Day” holiday, the sharp drop in gold prices prompted them to buy wedding jewelry such as “three golds” and “five golds” in advance.

Jewelry store manager Chen Zefeng: Sales of bracelets, necklaces, and rings have increased a bit. March is usually a slow season, but recently, with some adjustments in gold prices, our customer flow is higher than the same period last year.

Compared to the lively gold buying, the scrap market appears much calmer. Some consumers choose to hold and watch, hoping for a rebound in gold prices; others worry about further declines and choose to cash out early.

Jewelry brand distribution center manager Feng Qiulin: Prices may have dropped quite quickly these past two days, but people are still observing. If someone is looking to buy, they might take this opportunity to purchase quickly.

Sources: CCTV Finance, Jiemian News, China Securities Journal

Source: Tianjin Traffic Radio