On October 22, Beijing time, spot gold continued to decline after the opening . It fell sharply to 8.01% during the session, with the lowest price at $4005.01 per ounce. Spot silver once fell as low as 2.1% to US$47.529 per ounce. After a rapid decline, gold and silver rebounded, but failed to regain their lost ground as of press time.

On the evening of October 21, Beijing time, both gold and silver plunged.

Spot gold once fell 6.3%, the largest one-day decline since April 2013, and finally closed down 5.31% to US$4,124.36 per ounce;

Spot silver finally closed down 7.11% at $48.66 per ounce.

The previous trading day, gold prices had just hit a record high of $4,381.

On social media, many netizens who bought gold and silver were confused: I just bought it today.

On the morning of the 21st, according to reporters’ actual investigation, the old gold store in Taikoo Hui, Guangzhou exploded, and there were long queues again. The sales staff responsible for reception on site communicated with customers in line from time to time to confirm that the queue time is about 1.5 hours, so you need to wait patiently.

In the short term, the popularity of gold jewelry may not stop.

Compared with luxury jewelry, the value of gold jewelry is linked to the real-time gold price and is not determined by the brand. The current gold rally continues and consumer enthusiasm is high.

On October 21, Chow Tai Fook’s pure gold jewelry was quoted at 1,292 yuan/gram, an increase of 30 yuan/gram; Chow Sang Sang’s gold pure gold jewelry was quoted at 1,289 yuan/gram, an increase of 27 yuan/gram.

The reporter visited offline gold stores and found that many consumers are still seizing the window period before the price increase to buy priced gold. There is also a certain purchase demand for gold calculated according to gram weight. The purchase of gold jewelry is no longer a single consumption logic.