# Gold prices continue to fall for multiple days. Reporter visits Changsha gold shops: prices have dropped, but the decline is limited, over 900 yuan is the plate price

Recently, CCTV Finance and other media reported that on this Friday (March 20), spot gold prices fell below $4,500 per ounce during trading, marking the eighth consecutive day of decline, which led to a continuous drop in domestic gold prices.

On March 23, within less than 3 minutes of opening, domestic gold prices fell below 1,000 yuan. Some netizens saw this as a buying opportunity for gold, and there were voices of purchasing gold jewelry.

△A jewelry sales area in Rainbow Shopping Mall.

Multiple gold jewelry stores did not see a surge in customers; gold prices have fluctuated

In the afternoon of March 23, reporters from Xiaoxiang Morning Post and Morning Video visited gold jewelry stores in Changsha’s Rainbow Shopping Mall, Deshijin, and Wuyi Square. Contrary to expectations of crowded scenes, some stores had only one or no customers at times, and some stores had citizens gathering at the entrance for activities but not making purchases.

Staff at these stores said that recent customer numbers had not changed much “there are buyers, and there are those just watching,” “more people on weekends.” Regarding changes in gold prices, many store staff said there had been some fluctuations but not a significant drop as some consumers expected. Most stores mainly buy back jewelry or do not buy back at all.

△On the afternoon of the 23rd, there were few customers at the gold jewelry counters in Rainbow Shopping Mall.

A staff member from China Gold in Rainbow Shopping Mall explained that compared to yesterday, the selling price of gold per gram had decreased by about 20 yuan, and the buying price was also about ten-something yuan lower than yesterday.

“The change over a day might not be too big, but recently, the price has dropped by several hundred yuan in total, so there is some fluctuation. Gold jewelry prices are higher than gold bars, and of course, their price changes are proportional.” The staff member said the fluctuations started last week. Staff at the Chow Tai Fook store inside the mall also said that the current buy-back price is below 900 yuan.

△Some gold jewelry stores have a certain number of customers, but some are just participating in activities at the entrance.

“Today it’s over 1,200 yuan, down 30 yuan from yesterday,” said a staff member at a China Jewelry store in Deshijin. Regarding the price drop that netizens are concerned about, the staff believed that if based on some mentioned prices, it would not be possible to buy at that level.

“They say it’s a big drop, but the gold price you see is the raw material price, just out of the vault, not the jewelry price. Our goods are finished products that include labor and other costs, and the price we get is already around 1,100 yuan. If it were below 900 yuan, we wouldn’t want to sell.”

Gold watches and other products also show changes; industry insiders believe long-term appreciation is still possible

△Price at Mr. Yu’s store on the 23rd.

Mr. Yu runs a gold recycling store in the Wuyi Square business district. The price sign at his store on that day listed gold bar prices at 941.28 yuan per gram and 940.78 yuan per gram for 24K pure gold.

He believes that recent gold recycling business has been very good, as some customers are worried about further declines in gold prices and are selling their gold. When asked about future gold price trends, he said that although recent declines have been significant, there is still long-term potential for appreciation.

△Some high-karat gold watches are also affected.

In addition to gold bracelets, necklaces, and other jewelry, reporters noticed that gold watches are also somewhat affected. A watch shop owner in Deshijin introduced several gold watches costing over a thousand yuan,

“These watches contain less than 1 gram of gold, so they are not affected by gold price fluctuations. But large-scale custom-made gold items are priced based on the gold price, for example, currently calculated at over 1,000 yuan per gram.”