Recent sharp declines in gold prices have repeatedly trended on social media. As of last Friday, international spot gold fell below the $4,000 per ounce mark, closing at $3,995.63 per ounce, a nearly three-month low. As of October 28, the price per gram of gold stood at 868 yuan, a drop of more than 400 yuan per gram from its peak earlier this year.
Gold prices have plunged by more than 400 yuan per gram since the start of the year, and some consumers have already lost tens of thousands of yuan on pieces they have not even worn yet.
According to a report by Cover News, gold prices have continued to fluctuate downward this year, with the per-gram price plummeting by more than 400 yuan from its early-year high, leaving many consumers who were optimistic about the trend stranded. "My birthday hasn't even arrived yet, and the gift has already shrunk in value." A Chongqing resident surnamed Xiaozhou (pseudonym) is one of them. In January, when the gold market was continuously rising, she took advantage of a merchant promotion to buy a thick-walled hollow gold bracelet at a unit price of 1,198.5 yuan per gram, with a labor fee of only 10 yuan per gram. "At the time, I thought gold prices would keep rising, and it was a discounted style, so buying it was a sure win." With the mindset of getting a bargain that would appreciate, she spent 50,375 yuan on a 42-gram gold bracelet, originally intending it as a birthday gift for herself in November.
The bracelet Xiaozhou purchased had not been worn before she lost over ten thousand yuan. Photo provided by the interviewee, Xiaozhou. Unexpectedly, Xiaozhou happened to buy at the high point of this round of gold prices. Since January 30, gold prices entered a sustained decline, falling all the way. Compared with the early-year high, the per-gram drop in gold prices has now exceeded 400 yuan. Based on her average purchase price of 1,198 yuan per gram, her bracelet, which she has never worn, has a floating loss of more than 13,800 yuan based on the current gold price starting with "8." Xiaozhou's experience is not an isolated case. This year, a large number of consumers rushed to buy gold at the bottom, only to miss the mark repeatedly. On major social platforms, many netizens have shared their experiences of losses from trying to buy the dip. Some netizens bought 20 grams of gold at 885 yuan per gram, while others purchased large quantities of gold jewelry at high prices of 896 yuan per gram and 986 yuan per gram. The comment sections are full of similar frustrations. Netizens lamented that the gold price "never seems to hit bottom," and after months of trying to buy the dip, they still failed to catch the lowest point. Looking at the various high purchase prices across the internet, Xiaozhou admitted she no longer wants to speak up. "I'll treat it as a profound lesson. For any investment or consumption, you can't blindly follow the crowd hoping to get a bargain."
A woman took a gold bracelet for processing and was shocked to find the inside abnormally black when cut open.
It is worth noting that, according to a report by Henan Radio and Television's City Channel, a woman in Yunnan recently sent a gold bracelet to a gold shop for processing. When the craftsman cut the bracelet open, he was stunned on the spot: the interior was not gold, but a large amount of black, wax-like substance. The incident sparked heated discussion after spreading online, once again bringing the craftsmanship features and consumer traps of "3D hard gold" jewelry to the forefront. According to the gold shop owner, many people prefer "3D hard gold" jewelry that is light in weight but large in size. These bracelets are mostly hollow with micropores, and dirt easily accumulates in the gaps. The dirt from normal wear is usually grayish-white, but the dirt inside this bracelet was abnormally black. Many consumers wonder: why does the weight of gold decrease when weighed after being heated? Industry insiders explain that solid pure gold is chemically stable and barely loses weight when heated normally. However, hollow electroformed pieces like "3D hard gold" and "5G gold" accumulate oils, dust, sweat, and other dirt in their hollow gaps. When burned at high temperatures, these impurities carbonize and volatilize, causing the reweighed weight to decrease. This is a physical phenomenon, not proof that the merchant shortchanged the gold, but it can easily be exploited by unscrupulous merchants to压低 prices or fabricate losses and deduct fees. When buying gold jewelry, consumers should be more careful: try to keep purchase receipts and weigh and recheck the item on the spot upon receipt. At the same time, distinguish between craftsmanship and pricing, and view fixed-price gold rationally. "3D hard gold" is simply pure gold made using electroforming technology. As long as the material is compliant, its gold content meets pure gold standards and it is not fake. However, it is mostly sold at a fixed price per piece, with high premiums and non-intuitive weight, and exchange and discount rules are more stringent. Before purchasing, be sure to proactively ask about the actual weight, gold purity, unit price, labor fees, and trade-in and recycling rules. Do not be attracted only by large-volume styles and avoid vague promotional traps.
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