Gold prices fall, sparking a gold-buying frenzy. Shenzhen Shuibei Market is busy "panning for gold," and couples are purchasing their "three golds" for weddings in advance.

Recently, the international gold market has experienced a round of intense price fluctuations, with spot gold prices dropping below $4,100 per ounce on March 23, before quickly rebounding to $4,367.16 per ounce. This price fluctuation directly affected the domestic gold jewelry market, prompting major brands to lower retail prices. Among them, Chow Tai Fook’s gold jewelry is priced at 1,346 yuan per gram, a daily decrease of 29 yuan; Lao Miao Gold is at 1,345 yuan per gram, also down 29 yuan; and Chow Sang Sang is priced at 1,350 yuan per gram, down 17 yuan from the previous day.

In Shenzhen, Guangdong, the significant drop in gold prices has sparked a buying frenzy among consumers. The Shenzhen Shuibei Gold Market, as an important national hub for gold trading, has recently shown an exceptionally bustling scene. Reporters on-site observed crowds in various gold stores, with consumers continuously coming to inquire about prices and make purchases. According to several store managers, the foot traffic over the weekend increased by about 30% compared to usual, with many buyers specifically traveling from out of town to “pan for gold.”

A consumer who was selecting gold jewelry stated that she originally planned to get married during the “May Day” holiday, but after seeing the significant drop in gold prices, she decided to purchase the necessary “three golds” and “five golds” for her wedding in advance. This mindset is quite common among recent gold buyers. Chen Zefeng, a store manager at a jewelry shop, revealed, “Recently, the sales of wedding-related gold jewelry such as bracelets, necklaces, and rings have been particularly strong. Although March is usually a slow sales season, this year, due to the adjustment in gold prices, our foot traffic is actually higher than the same period last year.”

In stark contrast to the heated purchasing market, the gold recycling market appears relatively calm. In the face of price fluctuations, some consumers choose to hold onto their cash and wait for prices to rebound; others are concerned that gold prices may continue to fall and opt to cash out early. Feng Qiulin, a manager at a jewelry brand distribution center, analyzed, “Gold prices have dropped relatively quickly in the past couple of days, but most consumers are still waiting to see. However, for customers who have purchasing needs, now is indeed a good time to enter the market.”