Gold jewelry prices plunge over 100 yuan, down nearly 10% compared to 1 month ago

On March 20, due to a sharp decline in international gold prices, the domestic gold consumption market experienced a significant drop.

On that day, JiJian News checked the prices of major jewelry brands and found that compared to two days earlier, prices had fallen by over 100 yuan. On March 20, Chow Sang Sang’s 24K gold jewelry was priced at 1,443 yuan per gram, down from 1,547 yuan per gram on the 18th; Lao Miao Gold’s 24K gold jewelry was priced at 1,445 yuan per gram, down from 1,550 yuan per gram on the 18th. This marked the eighth consecutive day of price declines for this brand.

Behind the price correction is the intense volatility of international gold prices. In early 2026, international gold prices continued their strong trend, reaching as high as $5,594.77 per ounce, before beginning a significant pullback. Recently, spot gold has fallen for seven consecutive days, dropping from $5,200 per ounce and experiencing the largest single-day decline on March 19, with a low of around $4,500 per ounce, hitting a six-week low.

On March 20, spot gold saw a slight rebound. As of the time of this report, JiJian News reported that London gold was at $4,720.15 per ounce, up 1.5%.

Correspondingly, in early March, domestic gold jewelry prices once hit record highs. On March 6, first-tier brands like Chow Tai Fook and Gold Supreme quoted 24K gold jewelry at as high as 1,599 yuan per gram, while Chow Sang Sang, Lao Feng Xiang, and Lao Miao Gold quoted at 1,590 yuan per gram.

As of March 20, many domestic gold brands’ 24K gold prices had retraced nearly 150 yuan from their monthly highs, a decline of about 10%.

Data from third-party platform Wuwo App shows that physical gold prices have fallen back to levels from one month ago. As of March 19, the prices of gold jewelry and gold bars had decreased by nearly 10% compared to one month earlier. Lao Feng Xiang’s 0.7g碎碎冰 ring (碎碎冰 means “碎碎冰” style) dropped from 1,037 yuan to 1,008 yuan, a 3% (29 yuan) decrease, and 7% (72 yuan) below the recent peak of 1,080 yuan. China’s Gold Butterfly Pendant (0.6g) fell from 1,032 yuan to 1,022 yuan, down 1% (10 yuan). China Jewelry Gold Bar (1g) decreased from 1,339 yuan to 1,319 yuan, down 2% (20 yuan), and 8% (120 yuan) below the peak of 1,439 yuan this month. Lao Feng Xiang’s 5g gold bar, which peaked at 7,000 yuan this month, has fallen to 6,675 yuan, a 5% (325 yuan) decrease.

Amid increased gold price volatility, consumer demand for physical gold remains strong. According to client managers at several bank branches, small gold bars weighing 5 to 20 grams are currently in short supply, requiring reservations, with uncertain delivery times. Especially in core urban areas and high-traffic bank branches, there are even reports of “gold in short supply.”

Additionally, Huaxia Gold ETF (518850) continues to attract funds, with a total inflow of 1.264 billion yuan over the past 14 days. As of March 19, Huaxia Gold ETF’s latest shares reached 1.777 billion, a record high since inception. As of the midday close on March 20, Huaxia Gold ETF (518850) fell 0.58%, with a latest price of 10.153 yuan.

On the news front, the Federal Reserve kept the federal funds rate target range unchanged at 3.5%–3.75%. This is the second consecutive meeting where the Fed has maintained rates. After the meeting, the US dollar index rose, putting pressure on precious metal prices.

Despite short-term pressure on gold prices, most institutions believe that gold will show a pattern of “short-term pressure, medium- to long-term improvement,” with the long-term upward trend remaining intact.

Huatai Securities states that geopolitical events in the Middle East have differentiated impacts on non-ferrous metals. Gold benefits from risk aversion and asset reallocation logic, and it is expected that from 2026 to 2028, gold prices could surge to $5,400–6,800.

Similarly, Goldman Sachs remains bullish on gold, expecting prices to reach $5,400–6,000. They believe gold has shifted from a traditional safe-haven asset to a “sticky hedge” tool, with its rise increasingly tied to interest rate expectations, fiscal risks, and concerns over the monetary credit system.