This week, global precious metals market experienced an epic crash, with gold and silver prices continuously declining, causing market panic.

New York April gold futures plummeted from last Friday's high of $5,061.70 per ounce, breaking below $4,600 this Friday, with a weekly decline of 9.62%, marking the largest single-week drop in 15 years; London spot gold collapsed in tandem, with cumulative weekly losses exceeding 11%.

The silver market experienced even steeper declines, with COMEX May silver futures falling below $70 per ounce from above $80, posting a weekly drop exceeding 14%, leading losses in the precious metals sector.

International gold prices transmitted to the domestic market, with mainstream brand jewelry prices declining significantly, with top-tier brands' pure gold retail prices breaking below 1,400 yuan/gram, reducing purchasing costs for consumers with essential demand.

Industry analysts attribute the crash to profit-taking from previous sharp gains, shifts in global monetary policy, and tightening liquidity. Market sentiment is expected to be released in the short term.