【Gold Price Trend】Spot Gold Further Breaks Below $4,500 USD; Gold Shop Per Tael Buyback Price Falls 1,500 HKD Daily (Attached: Chain Jewelry Store Saturday Gold Buyback Prices)

SocialAnxietyStaker · 2026-03-21T07:02:25+00:00

Gold prices plummeted to an over 1.5-month low due to Middle East conflict pushing up energy prices and weakening interest rate cut expectations, declining over 10% for three consecutive weeks. Spot gold reported at $4492 per ounce, with bullion prices falling to 41,000 yuan per tael, down 18% from highs. Key reasons include rising energy costs, reduced likelihood of central bank rate cuts, and capital flowing to other markets. Investor demand for gold has weakened, making it more of a speculative asset.

SocialAnxietyStaker

2026-03-21 07:02:25

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Gold prices continue to decline, pressured by the Middle East war pushing up energy prices and weakening rate cut expectations, reaching a low not seen in over a month and a half. The week has seen a decline of over 10%, marking three consecutive weeks of decline. Spot gold has fallen for eight days in a row, briefly dropping to around $4,478 per ounce, down about 4%, and closing at around $4,492, still down 3.4%. April NY futures closed at $4,574.9, down about 0.7%.

According to data from Caiji Gold, at 9:30 a.m. Hong Kong time on Saturday (21st), the bank’s 999.9 gold price was HKD 41,000 per tael, down HKD 1,500 for the day, and compared to the high of HKD 50,000 at the end of January, it has fallen HKD 9,000 or 18%.

▼Click the image to enlarge

Chow Tai Fook Group (01929) website showed on Saturday that the buy-in price for gold grains (investment gold) was HKD 41,390 per tael. Chow Sang Sang (00116) website indicated that as of 9:15 a.m. Saturday, the buy-in price for pure gold bars was HKD 41,390 per tael. Luk Fook (00590) website showed that the buy-in price for 9999 gold was HKD 41,000 per tael, and 9999 gold grains were HKD 41,390 per tael.

▲ Chow Sang Sang webpage, buy-back price for pure gold bars is HKD 41,390 per tael.

Caiji Gold’s price on Friday (20th) was HKD 42,500 per tael, down HKD 7,500 or 15% from the high of HKD 50,000 at the end of January.

▼Click the image to enlarge

Three key factors causing the sharp decline in gold prices:

Surging energy prices: Middle East conflict driving up oil and natural gas costs, fueling inflation.
Weakened rate cut expectations: Inflation concerns reduce the likelihood of central bank rate cuts, U.S. Treasury yields rise.
Capital shifting: Investors sell gold to cash out and offset losses in other financial markets.

Since late last month, following attacks by the U.S. and Israel on Iran, precious metals seen as safe-haven assets have been declining weekly. The conflict has caused oil and natural gas prices to soar, heightening inflation fears and reducing the likelihood of central banks lowering borrowing costs. Meanwhile, U.S. Treasury yields and the dollar exchange rate have both risen, prompting investors to sell gold to cover losses elsewhere. Gold ETFs favored by Western retail and institutional investors have seen continuous outflows in recent weeks.

Patrick Armstrong, Chief Investment Officer at Plurimi Wealth LLP, said: “It is no longer a safe-haven asset but a speculative asset.”

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