“Can I have a 30-gram gold bar?”
“I’ll take a 20-gram one.”
“I want a zodiac sheep bar.”
“Please line up one by one, don’t rush!”
On the morning of the 25th, sales staff at the investment gold bar counter of Caibai Jewelry’s flagship store in Beijing’s Xicheng district raised their voices to manage the influx of eager customers.
Spot gold prices fell below the $4,000 per ounce mark on the 25th, with the Shanghai Gold Exchange’s Au99.99 contract retreating to a price level starting with ‘8’, closing at 874.95 yuan per gram during the day. Major brand names were quoting prices for pure gold jewelry around 1,220 yuan per gram.
That same morning, a visit to the flagship store revealed a crowd of customers waiting outside before the doors opened. At 9:30 AM, as business commenced, a large number of shoppers headed straight to the fourth-floor investment gold bar section.
The investment gold bar counter was packed all morning, with sales staff continuously occupied writing invoices and handing over goods. On-site observations showed that smaller bars, such as 10-gram and 20-gram sizes, were the most sought-after. Some big-spending customers directly purchased 200-gram bars, while another investor left with 14 bars in a backpack. By nearly noon, the 10-gram basic investment bars and 20-gram zodiac horse bars were sold out.
Conversations with customers, posing as an investor, revealed that many were there specifically to snap up gold bars, taking advantage of the day’s price drop.
Beijing investor Wang Huan (pseudonym) stated that upon seeing the price decline, she came to Caibai first thing in the morning, first buying a necklace pendant, then purchasing a 40-gram gold bar at a price of 870 yuan per gram.
“When Caibai opened, the basic price for investment gold was around 875 yuan per gram. After waiting a bit, it dropped to around 870 yuan, so I placed my order directly,” she said.
Investor Zhang Hong (pseudonym), with years of gold investment experience, suggested that prices might fall further, but with current bar prices down nearly 400 yuan per gram from the year’s peak, it was an appropriate time to buy.
“I came early this morning. My grandson has a birthday coming up, so I wanted to take advantage of the current ‘8’-starting price to buy a 30-gram bar for him,” Zhang Hong explained.
After purchasing the 30-gram bar for 26,550 yuan, Zhang Hong did not leave immediately but stayed to exchange experiences with other investors, discussing the possibility of gold prices falling to 600 yuan per gram.
Beyond older investors, younger ones also took time off work to purchase bars. Investor Liu Li (pseudonym) mentioned that she resisted buying yesterday as prices kept falling. Seeing another drop today, she decided it was time to get in.
“I took two hours of personal leave specifically to come to Caibai. My company is a 40-minute drive away. I’ll buy this and then go back to work,” Liu Li said. Her first invoice was at 872.8 yuan per gram. Later, when the price fell to 870 yuan, she queued to get a new invoice, ultimately purchasing a 30-gram investment bar at a base price of 870.1 yuan per gram.
It was learned that purchase invoices issued at Caibai’s investment gold bar counter are valid for one hour. Within that hour, regardless of real-time price fluctuations, payment is based on the price on the invoice.
Some investors first obtained invoices at a price they deemed suitable, then continued observing price movements nearby. If the price dropped, they would ask staff to reissue a new invoice at the lower price. After securing a price they were comfortable with, customers would pay at the cashier and then use the payment receipt to collect the physical gold bar at the pickup window.
One customer, who obtained an invoice at 872 yuan, immediately joined the long line to exchange it when seeing the price slip to 870 yuan, closely watching minor fluctuations to adjust repeatedly.
Around 10:20 AM, Caibai’s basic investment gold price briefly fell to around 869 yuan per gram, instantly prompting many customers to rush to the counter for invoice exchanges. On-site staff came to maintain order, asking everyone to queue for exchanges.
At the payment and collection windows, long lines formed at all three cashier stations. One investor appealed to those in line: “My invoice expires in 10 minutes, could you let me pay first?”
On-site observations showed some customers paying directly with cash, while others maxed out the balances on multiple bank cards.
“Your 100 grams costs 88,310 yuan. The balance on this card is insufficient. How would you like to pay the remainder?” a Caibai salesperson asked a customer.
“I have several other cards. Please try them all. If it’s still not enough, I’ll use WeChat or Alipay for the rest,” the customer replied, producing more cards. After all cards were used, they paid several thousand yuan more via WeChat Pay.
In contrast to investment bars, the price of pure gold jewelry had not dropped significantly. The entire first-floor hall of Caibai, dedicated to pure gold jewelry, was much quieter compared to the investment bar counter, with many sales staff standing alone at their displays.
A Caibai salesperson noted that gold prices were lower than before, attracting more customers over the past couple of days. “If the price keeps falling, I’d consider buying some myself,” they added.
Data shows that as of the 25th, spot gold was quoted at $3,979.88 per ounce, having retreated nearly 30% from its historical peak in January.
This round of gold price decline is attributed to a combination of three factors: a strengthening US dollar index, rising expectations for Federal Reserve interest rate hikes, and concentrated profit-taking from earlier gains.
It is noteworthy that international investment banks, previously long-term gold bulls, have shifted their stance. Goldman Sachs sharply cut its year-end 2026 target price from $5,400 to $4,900, while Deutsche Bank also lowered its Q3 average price forecast to around $4,300. Multiple institutions assess that if the Fed indeed resumes rate hikes, gold prices may still have room to decline.
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