On October 30, international gold prices broke through two major thresholds in succession, falling below both $4,000 and $3,900 per ounce.
London spot gold closed at $3,875 per ounce, down 3.61% for the day, hitting a one-year low.
According to the latest reports, in the early hours of November 2, spot gold surged in a straight line, breaking through $3,900 during intraday trading with a daily gain of 0.6%.
Spot silver extended its intraday gains to 1%, quoted at $49.59 per ounce.
Looking at the full year, gold prices have now erased all of their gains: at the start of 2026, gold was trading near $4,318 per ounce, and on January 29 it briefly surged to a historic high of $5,598 per ounce during intraday trading.
Now it has retreated approximately 30.8% from its year high.
According to a Zhejiang television report, a consumer in Hangzhou said in an interview that she bought at the high point and instantly lost one hundred or eighty thousand yuan.
But this consumer also noted that as long as she does not sell, she will not lose money, saying "as long as I don't sell, I won't feel the pain, and one day it will come back up."
Meanwhile, domestic physical gold prices have also softened, reigniting consumers' enthusiasm for buying gold.
Investment gold bars at 840 yuan per gram sell out, all stock under 30 grams gone
"All the small-weight ones under 30 grams are gone."
According to a report from 21st Century Business Herald, at noon on November 1, the investment gold bar counter at the Caibai flagship store in Xicheng District, Beijing was surrounded by crowds.
Staff were busy writing receipts while informing consumers that all investment gold bars under 30 grams had sold out.
The electronic screen showed Caibai's base investment gold price at 840 yuan per gram.
The crowd at the counter did not disperse; some asked "will there be restocking today," while others discussed "coming to line up early in the morning."
At the counter, some consumers stopped waiting for the small-weight bars and quickly placed orders for 100-gram investment gold bars.
Reporters at the scene learned that many consumers chose to "get in gradually" this week, with slightly different purchase prices: some bought 30 grams at 866 yuan per gram, while others purchased 50-gram gold bars at 837 yuan per gram.
For many on-site gold buyers, the sense of a price gap brought by gold's retreat from highs was more attractive than chasing the rally.
Beyond investment gold bars, the gold jewelry counter was equally bustling.
Some simply bought all their Chinese New Year gifts in one go — Mr. Zhang, who lives in Baoding, made a special trip to Caibai to buy gold, purchasing four rings and one bracelet in one go, saying he had "finished buying gifts for both mothers for the New Year."
Buying festive gifts in advance is becoming a microcosm of this round of warming gold jewelry consumption.
Counter staff said foot traffic has been heavy these past two days, noting that "besides the gold price decline, it's also related to the weekend factor."
In terms of styles, many consumers were interested in large gold bracelets.
Zhengzhou gold rush scene: customers say they can't even squeeze to the counter
According to a report from Elephant News, the Shenzhen Shuibei market saw foot traffic surge to 60,000 visitors this weekend, with counters packed like a bustling wet market, and the gold buying frenzy flooding social media.
This market trend has also reached Zhengzhou.
At local gold wholesale and retail hubs including Jinduo Yinduo Jewelry Plaza, Zhongyuan Jewelry City, and Baohuixin Gold, electronic screens prominently displayed: Today's gold price, jewelry gold at 860 yuan per gram.
Compared to prices from the past month, this represents a drop of 250 yuan per gram.
A long line formed at the elevator entrance of Jinduo Yinduo, with voices inquiring about prices rising and falling at the counters.
At around 2 p.m. on November 1, an Elephant News reporter observed at the jewelry city that some customers were seizing the gold price pullback to complete their wedding gold sets, while others paced back and forth at counters speculating whether the best time to buy had arrived.
The reporter walked into Jinduo Yinduo Jewelry Plaza, where the weekend hall was busier than on weekdays.
The elevator queue curved out in a long line, and many customers simply took the stairs directly to showrooms on various floors.
At wedding jewelry sets and investment gold bar counters, customers from all over the province had made special trips.
Merchants said the Zhengzhou market does not see the large-scale bulk buying by out-of-town tourists that the Shuibei market does; instead, it is mostly rational selection by local Henan customers.
Gold store employee Li Xing introduced that in mid-last month, one gram of gold was about 1,000 yuan, and today it is about 860 yuan.
"Foot traffic has been quite heavy recently, and our second-floor shop also has many people. Those choosing three-gold and five-gold sets for next year are all coming to select these past two days."
She pointed to a bracelet weighing over 34 grams and said it previously would have cost about 35,000 to 36,000 yuan normally, but now it is about 33,000 yuan.
Xiao Zhang and Xiao Qu are a couple about to get married.
At the beginning of the year, the two bought their three-gold set at the store when the gold unit price was around 1,000 yuan.
Xiao Zhang felt it was a bit outrageous and somewhat unaffordable for working-class people.
Ten months later, as the two prepare to obtain their marriage certificate, they came to order another bracelet for the girlfriend and found the price had dropped to around 860 yuan.
Compared to the price of over 1,000 yuan per gram at the beginning of the year, "we are here to average down," Xiao Qu said with a smile.
"Gold is also a hard currency, and mainly since we're about to get our certificate, we'll buy another one. Of course, I hope it drops a bit more," Xiao Zhang also said with a smile, expressing his wish.
For the large number of consumers entering the market with a bottom-fishing mentality, industry insiders advise: do not treat gold jewelry as gold bars for speculation, because gold jewelry purchases include processing fees and other premiums, while recycling is settled only at raw material gold prices, making it difficult to offset the price gap through gold price increases.
No institution can predict gold price turning points; those with genuine needs can buy in batches, and for investment, it is also recommended to allocate in batches.
Comments