‘More than at a vegetable market’: China's gold market sees record crowd as bullion falls below $4,000 - Business Today

AI desk brief

Spot gold fell below the psychologically important $4,000/oz level on Oct. 23, closing at $3,995.63, down 0.72% on the day and about 4% for the week, its steepest weekly drop since June. The pullback triggered a surge in buying interest at Shenzhen’s Shuibei gold market, where crowds swelled as Chinese consumers saw the correction as an opportunity to buy after the rally.

Chinese jewellery retailers cut quoted prices by 6-12 yuan/gram on Oct. 24, with major brands around 1,196-1,206 yuan/gram, after retail gold jewellery prices had already fallen about 100 yuan/gram over the prior month. The article frames the sell-off as driven by inflation and rate concerns, stronger-for-longer Fed expectations, and equity-market liquidation, but notes that lower prices are reviving physical demand even as the near-term financial-market tone stays pressured.