On June 19, 2026, international gold prices plummeted, leading to a subsequent price reduction of gold jewelry in mainland China. Lao Fengxiang’s 24K gold jewelry price dropped by 44 yuan overnight to 1265 yuan per gram. Other brands such as Chow Tai Fook, Lao Miao Gold, and Chow Sang Sang also adjusted their prices accordingly. Following the drop in gold prices, the foot traffic in some gold shops in Shanghai decreased, while promotions such as discounts, price reductions, and gifts increased.
According to a report by “Daily Economic News” on June 19, the biggest intraday drop in spot gold prices reached 2.32%. By the time of the report, the decline narrowed to 1.53%, settling at $4155 per ounce. Spot silver prices also experienced a significant drop of 3.71%, reaching $64.95 per ounce by the time of reporting, with a decline of 1.11%.
In mid-June, according to the “Blue Whale News,” the spot gold price in London hit a low of $4023 per ounce, dropping by more than 25% from its high of the year. Over the past week, after a brief rebound, gold prices weakened again.
Due to the fluctuation of international gold prices, on June 19, several mainland Chinese brands of 24K gold jewelry reduced their prices to below 1300 yuan per gram. Lao Fengxiang’s price dropped from 1309 yuan per gram the previous day to 1265 yuan per gram, a decrease of 44 yuan; while Chow Tai Fook, Lao Miao Gold, and Chow Sang Sang decreased by 40 yuan, 31 yuan, and 37 yuan respectively.
Following the decrease in gold prices, the foot traffic in some gold shops in Shanghai decreased, with many stores launching promotions such as price reductions, discounts, and gifts.
The report by “Blue Whale News” stated that as gold prices fell, offline customer traffic in Shanghai’s gold streets and jewelry distribution centers noticeably decreased compared to when gold prices were rising, with many consumers adopting a wait-and-see approach. Some stores even had multiple staff members serving a single customer.
However, some store owners mentioned that even with the price drop, a significant number of buyers still purchased gold bars or jewelry with the mentality of finding bargains. The store owner claimed that consumers are now more sensitive to gold price fluctuations than in the past, and the distinction between peak and off-peak seasons is less clear now.
With the Dragon Boat Festival and shopping festivals like “618” approaching, several gold brands have launched promotions including price reductions, discounts, and gifts. The average price reductions in offline stores range from 30 yuan to 130 yuan per gram, with some brands offering up to 200 yuan off for specific styles; and some fixed-price products are discounted from 40% to 10%.
Some jewelry brands that previously saw long lines forming have also started indirectly reducing prices. Traditional gold shops are offering activities like 100 yuan off for every 1000 yuan spent and gift with purchase promotions; while Junpei Jewelry is offering 60 yuan off for every 2000 yuan spent, along with tiered gift rewards. Although the queues outside the stores have disappeared, certain styles are still out of stock due to the ongoing promotions.
Despite the price drop and increased discounts, some fixed-price gold jewelry still carries a significant premium. According to “Blue Whale News,” the per gram price of some fixed-price products can range from 2000 yuan to 3000 yuan, significantly higher than regular 24K gold jewelry prices.
Different from the per gram pricing of gold jewelry, fixed-price products are priced per piece, often including craftsmanship, design, and brand premiums, making it challenging for consumers to directly calculate the per gram price. After the drop in gold prices, the issue of high premiums on these products has garnered more attention.
Some store operators indicated that current gold jewelry prices have significantly decreased from the year’s high. For instance, for a bracelet weighing around 30 grams, if the price per gram dropped from over 1700 yuan to around 1270 yuan, the price difference amounts to over 10,000 yuan.
“Daily Economic News” cited institutional viewpoints stating that the recent decline in gold prices is related to increasing expectations of economic tightening in Western economies, outflows of funds from gold ETFs (exchange-traded funds), among other factors. Gold is considered a non-interest-bearing asset, and its attractiveness is affected when interest rates remain high. At the same time, the rapid fluctuations in gold prices have also impacted the mainland Chinese gold jewelry consumer market, leading some consumers to adopt a cautious approach.