Gold Prices Drop 11 Yuan Per Gram as China Market Sees Continued Correction
Gold Jewelry Prices Continue Downward Trend in China
Gold jewelry prices in China continued their decline with major brands cutting prices. Laomiao gold fell 11 yuan per gram while Zhou Shengsheng and Lao Fengxiang also posted decreases.
Price Movements
- Laomiao gold jewelry: 1,435 yuan/gram (down 11 yuan from previous day 1,446 yuan)
- Zhou Shengsheng gold jewelry: 1,441 yuan/gram (down 1 yuan from 1,442 yuan)
- Lao Fengxiang gold jewelry: 1,435 yuan/gram (down 5 yuan from 1,440 yuan)
Market Context
The gold price correction comes amid several macro factors including the strong US nonfarm payrolls data which reduced rate cut expectations, a strengthening US dollar, and shifting global risk sentiment related to the Iran conflict.
Implications for Consumers and Investors
For Chinese consumers who have been facing record-high gold prices, the correction offers a slight relief. However prices remain at historically elevated levels. For investors, the correction suggests that gold short-term momentum may be cooling after the extended bull run, though structural demand factors from central bank purchases and geopolitical risks continue to provide underlying support.
Source: 36Kr via Sina Finance https://www.36kr.com/newsflashes/3752067120317192