“Gold Price Continuously Plunges” Tops Weibo Hot Search Number One

On April 5th, the topic of “Gold Price Plummeting” soared to the top of trending topics on Weibo. That day, the prices of Zhou Dasheng Foot Gold (jewelry, crafts), Lukfook Jewelry foot gold 999, and Saturday Gold Jewelry foot gold all dropped by 30 yuan/gram.

Market data shows that in the first quarter of this year, the spot price of gold has risen by about 19%, marking the largest quarterly increase in international gold prices since September 1986. Recently, both spot gold and New York gold prices closed at new highs, with London gold briefly hitting a historical peak of $3166.67 per ounce. However, in the past two trading days, gold prices have experienced consecutive declines. Last Friday, the June gold futures price on the COMEX closed at $3035.40 per ounce, down by 2.76%, erasing earlier gains. Over the past week, international gold prices have fallen by 2.53%.

On the morning of April 3rd, prices for Zhou Dasheng Foot Gold (jewelry, ornaments), Lukfook Jewelry foot gold 999, and Saturday Gold Jewelry in the domestic market reached 962 yuan per gram; while the price of foot gold jewelry in the Shanghai region at Lao Miao Gold was 961 yuan per gram.

On the morning of April 5th, upon checking the official websites of the above-mentioned gold jewelry brands again, the prices for Zhou Dasheng Foot Gold (jewelry, crafts), Lukfook Jewelry foot gold 999, and Saturday Gold Jewelry in the domestic market were 932 yuan per gram; while the price of foot gold jewelry in the Shanghai region at Lao Miao Gold was 931 yuan per gram. Calculated this way, the prices of the aforementioned gold jewelry brands have dropped by 30 yuan per gram over the past two days.

During the Qingming holiday, visits to several gold brand stores revealed that due to the fluctuations in gold prices, overall transactions were relatively light. “Currently, most buyers are purchasing gold out of necessity for wedding celebrations, with limited transaction volume during the holiday,” said several salespersons at gold stores.

On the banking side, the prices for investment gold bars at multiple domestic banks have exceeded 750 yuan per gram.

The future of the gold market is closely watched.

According to the report, industry experts mentioned that in the short term, the fluctuations in gold prices come from market sentiment, along with investors taking profits at high levels, momentarily suppressing the upward trend of the market. On the other hand, the long-term factors affecting gold stem from global de-dollarization and continuous gold purchases by multiple central banks.

China Securities research reports indicate that considering factors such as comprehensive inflation, growth, tariffs, geopolitics, and others, the current gold market trend is far from over. From a financial perspective, the impact of gold bulls on the current direction of gold has reached historically high levels.

Some brokerage research reports also believe that with so much uncertainty in the market, it is extremely difficult to form stable expectations. Therefore, there may be significant short-term fluctuations in the gold market. Huaxia Fund stated that recently, gold has once again shown significant gains, breaking through key levels, with substantial cumulative gains over the past two years. Investors should maintain rational investment strategies and be aware of short-term volatility in gold prices.