Gold Prices Plunge Abruptly, Jewelry Costs Follow Suit; Buying 'Three Golds' Now Saves Nearly 20,000 Yuan Compared to Six Months Ago; International Oil Prices Surge Over 4%

On July 13th, international gold prices experienced another sharp decline, with the spot price falling below the $4,100 per ounce threshold.

Domestic gold jewelry prices followed suit. Chow Sang Sang's pure gold jewelry was quoted at 1,238 yuan per gram, down 13 yuan from the previous day's 1,251 yuan. Lao Feng Xiang's pure gold jewelry was quoted at 1,240 yuan per gram, a decrease of 5 yuan from the prior day.

After more than a year of consecutive gains, the price of gold has undergone a significant correction in the first half of this year.

Following a peak of $5,594.77 per ounce in January 2026, the international gold price began a volatile descent. The decline from the year's high has exceeded 25%. Notably, the price fell 10.45% in June alone, marking the largest monthly drop since October 2008.

In the domestic market, the spot gold price closed at 895.57 yuan per gram on July 10th. This compares to the year's high of 1,256 yuan per gram for the Shanghai Gold Exchange's AU9999 gold contract in 2026. This price movement means that purchasing the traditional "three golds" for weddings, typically amounting to 50 grams, is now approximately 18,000 yuan cheaper than at the start of the year.

Concurrently, international oil prices surged sharply, influenced by renewed tensions between the US and Iran and developments around the Strait of Hormuz. At the time of writing, both West Texas Intermediate (WTI) and Brent crude oil prices had risen by over 4.3%.

Late on the 12th, Iran's Persian Gulf Strait Authority issued a statement reiterating that the Strait of Hormuz is currently impassable. It stated that passage applications would be reviewed and necessary permits issued according to plan once the situation stabilizes.

In a media interview on the 12th, former US President Donald Trump insisted the Strait of Hormuz was "open," placing blame for recent mutual attacks on Iran. Trump stated, "The Strait of Hormuz is open. We bombed the hell out of them (Iran) last night." He also accused Iran of breaking promises, claiming, "They (Iran) just agreed to a deal yesterday... and then, not an hour after walking out of the room, they launched an attack."