Gold jewelry prices drop by 400 yuan within the year

Early on the 6th Beijing time, the spot gold closed at $4328.920 per ounce, plummeting 3.25%. It has dropped 4.61% this week, more than $200, and has fallen more than $1200 from the year's high.

Zhongxin Jingwei's inquiry found that at the beginning of this year (January 2nd), the spot gold opened at $4318.270 per ounce. It experienced two surges and pullbacks in the following months and has almost wiped out all the gains this year. Wind data shows that since the beginning of this year, the spot gold has had a large amplitude. It reached a maximum of $5598.750 per ounce during the session and a minimum of $4090. The amplitude exceeded $1500 per ounce.

Affected by this, the domestic gold jewelry prices have also dropped significantly. Zhongxin Jingwei's inquiry on the 6th found that the gold jewelry of Chow Sang Sang is 1315 yuan per gram, down 39 yuan in a single day. The gold jewelry of Laomiao Gold is 1321 yuan per gram, down 35 yuan in a single day; that of Lao Feng Xiang is 1316 yuan per gram, down 39 yuan in a single day.

On January 29th, the gold jewelry prices of domestic brands reached a phased high this year. The prices per gram of gold jewelry of Chow Sang Sang, Laomiao Gold, and Lao Feng Xiang on that day were 1708 yuan, 1722 yuan, and 1713 yuan respectively. Compared with the year's high, the prices per gram of gold jewelry of the three brands have dropped by 393 yuan, 401 yuan, and 397 yuan respectively, with a decline of 23% for all. At the same time, all the gains this year have been wiped out, and the prices are the same as those at the end of 2025.

In terms of news, according to Xinhua News Agency, US President Trump said at a campaign event in Wisconsin on the 5th that he would quickly end the war against Iran, thus eliminating an important factor leading to high prices. As the mid - term elections approach, the US media generally believes that the US - Iran war has led to rising oil prices and increased living costs, putting pressure on the Republican Party's election prospects. 

In addition, the just - released US non - farm payrolls for May far exceeded expectations, strengthening the market's expectation of the Fed's interest rate hike. Coupled with the simultaneous rise of bond yields and the US dollar exchange rate, it has brought resistance to the rise of gold. 

Data shows that the seasonally adjusted non - farm payrolls in the US increased by 172,000 in May, with an expected increase of 85,000. The previous value was revised from an increase of 115,000 to an increase of 179,000; the unemployment rate was 4.3%, with an expected 4.3% and a previous value of 4.3%.

The US financial website CNBC reported that the yield of the 10 - year US Treasury bond jumped above 4.5%, and the yield of the 30 - year US Treasury bond jumped above 5%, re - triggering concerns about economic slowdown and companies' increased borrowing costs. The employment data higher than market expectations may further prevent the Fed from lowering interest rates in the short term.

From June 16th to June 17th local time, the Fed will hold a two - day interest - rate meeting. According to the data of the CME's FedWatch tool, after the release of the employment report, the market's expectation of the Fed's interest rate hike in December has risen to about 70%, while this probability was about 50% before the data release. 

According to the Securities Times, US President Trump said in a speech on Air Force One on the 5th that he hopes to see a cut in interest rates, but he will leave the decision - making power on interest rates to Fed Chairman Wash. 

This article is from the WeChat official account “Zhongxin Jingwei” (ID: jwview), author: Li Xiaoxuan. It is published by 36Kr with authorization.