In the past week, international gold prices have plummeted, leading to stagnant sales of gold bars at a gold shop in Qingdao, Shandong, China. Sales personnel at the shop expressed that due to the drop in gold prices, gold bars are not selling well. Meanwhile, gold bar dealers at the Shuibei market in Shenzhen lamented the empty counters, remarking that investors who used to snatch up gold are now only inquiring about prices without making purchases.
The Xiangxiang Morning Post reported on October 27 that gold prices took another dive, with the domestic price of gold jewelry falling sharply overnight by 17 yuan, dropping back to 1211 yuan.
According to a report by the Peninsula City News, during a visit to a gold shop in Qingdao, Shandong, sales personnel stated: “In these few days, with the decline in gold prices, gold bars are not selling well. However, gold jewelry should still be sold.”
This news quickly became a hot topic, sparking discussions among netizens.
“houxingwen061” commented: “Speculating in gold, real estate, and stocks are all forms of gambling, it all depends on whether you’re lucky or not.”
“zrcdawn” said: “It’s a game of passing the parcel, it’s all about who ends up holding it.”
“Summoner_of_Shengzi” added: “In fact, everybody is too afraid to buy.”
“26591314dl” remarked: “People only buy when it’s rising, not when it’s falling.”
On October 27, Financial Observation reported that according to some gold sales evaluations, current customers are very savvy. When they see gold prices falling, they become even more hesitant, feeling that prices may drop further. This stands in stark contrast to the situation in the first half of the year.
A chief analyst at a gold recycling company stated: “With the current drop in gold prices, we have seen a decrease of more than one-third in our customer base.”
The gold market is currently experiencing a period of “contrasts.” In the first half of 2025, the consumption of gold bars and coins defied the trend by increasing by 23.69%, reaching 264.242 tons. However, the continuously rising gold prices are gradually dampening investors’ enthusiasm for purchasing. Meanwhile, the gold repurchase market has also begun to cool down, with a prevalent mood of caution prevailing in the market.
Consumer preferences have also undergone significant changes. Lightweight, creative, and high-value-added jewelry products are favored, with the sales of small-weight products in gold shops in cities like Beijing and Shanghai increasing by over 80% compared to the previous year.