Gold jewelry prices plummeted over 100 yuan, down nearly 10% compared to one 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 quotes of major brands of gold jewelry and found that prices had fallen more than 100 yuan compared to two days earlier. On March 20, Chow Sang Sang’s 24K gold jewelry was quoted at 1,443 yuan per gram, down from 1,547 yuan per gram on the 18th; Lao Miao Gold’s 24K gold jewelry was quoted at 1,445 yuan per gram, down from 1,550 yuan 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 near $4,500 per ounce, hitting a six-week low.

On March 20, spot gold saw a slight rebound. As of the time JiJian News went to press, London gold was quoted at $4,720.15 per ounce, up 1.5%.

Correspondingly, in early March, domestic gold jewelry prices once surged to historic highs. On March 6, top 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, the prices of 24K gold jewelry from many domestic brands had retraced nearly 150 yuan from their monthly peaks, 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 prior. Lao Feng Xiang’s 0.7g碎碎冰 ring (碎碎冰 means “shattered ice” style) dropped from 1,037 yuan to 1,008 yuan, a 3% (29 yuan) decline, and 7% (72 yuan) below the recent peak of 1,080 yuan. China Gold’s butterfly pendant (0.6g) fell from 1,032 yuan to 1,022 yuan, down 1% (10 yuan). China Jewelry’s 1g gold bar 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, declined to 6,675 yuan, a 5% (325 yuan) drop.

Amid increased gold price volatility, consumer demand for physical gold remains strong. According to customer 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 cases 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. Statistics show that as of March 19, Huaxia Gold ETF’s latest shares reached 1.777 billion, a record high since inception. As of midday March 20, Huaxia Gold ETF (518850) declined 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, exerting 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 stated that geopolitical events in the Middle East have had mixed effects on non-ferrous metals, and gold benefits from risk aversion and asset reallocation logic resonance. 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 not only dependent on interest rate expectations but also deeply tied to risks of fiscal mismanagement and concerns over the monetary credit system.