International Gold Price Falls Below $3,900 Mark; Chinese Jewelry Prices Retreat Nearly 550 Yuan per Gram This Year - BigGo Finance

AI desk brief

COMEX gold tumbled 3.63% on Oct. 30 to $3,884.90/oz and London spot gold fell 3.61% to $3,875.19/oz, both slipping below the $3,900 mark and to nearly one-year lows; Chinese branded jewelry prices were cut in step, with some retail prices down nearly 550 yuan/gram from this year’s highs. Silver was hit harder, with spot around $53/oz by Oct. 29 after an intraday high of $121.79/oz in late January, a drop of more than 50% year to date.

The article attributes the selloff to rising crude, intensifying U.S. inflation pressure, and expectations the Fed will keep policy tighter for longer, lifting the opportunity cost of holding non-yielding metals. Despite the price drop, Chinese retail demand improved: wedding and zodiac products led sales, heavy bangles and small 5g pieces sold well, and some Shanghai/Shenzhen retailers reported sales up 30% to 40% or even doubling month on month; investment bars also saw better buying.