Gold Jewelry Price Breaks Below 1400 Yuan, Down Over 100 Yuan in a Week

Gold prices plummeted over 10% this week, hitting a seven-week low and marking the largest weekly decline since March 1983. As of Friday (March 20) after the New York close, spot gold fell 3.42% to $4,491.67 per ounce, down over 10% this week; COMEX gold futures dropped 2.47% to $4,492 per ounce, down more than 11% this week.

As a result, prices of several jewelry brands also experienced significant fluctuations. It was found that brands like Chow Sang Sang, Chow Tai Fook, Luk Fook Jewelry, and Lao Miao Gold have seen their gold jewelry prices fall below 1,400 yuan per gram.

Chow Sang Sang’s pure gold jewelry is priced at 1,389 yuan per gram, down 54 yuan in a single day, from 1,540 yuan per gram on March 16, a decrease of 151 yuan.

Chow Tai Fook’s gold jewelry price dropped from 1,447 yuan per gram to 1,397 yuan per gram, a decrease of 50 yuan in one day.

Luk Fook Jewelry’s gold jewelry price fell from 1,445 yuan per gram to 1,395 yuan per gram, down 50 yuan in a single day.

Lao Feng Xiang’s gold jewelry price declined from 1,443 yuan per gram to 1,418 yuan per gram, a drop of 25 yuan overnight. Compared to March 16, when it was 1,542 yuan per gram, it has fallen by 124 yuan.

Lao Miao Gold’s gold jewelry price decreased from 1,445 yuan per gram to 1,397 yuan per gram, a drop of 48 yuan overnight. Compared to March 16, when it was 1,560 yuan per gram, it has fallen by 163 yuan.

(Source: Cailian Press)