This week's global precious metals market experienced an epic crash, with gold and silver prices continuing to decline, raising market panic.
New York April gold futures plummeted from last Friday's high of $5,061.70 per ounce, breaking below $4,600 this Friday, with a weekly decline of 9.62%, marking the largest single-week drop in 15 years; London spot gold crashed in sync, with cumulative weekly losses exceeding 11%.
The silver market saw even steeper declines, with NYMEX May silver futures falling below $70 per ounce from above $80, posting a weekly drop exceeding 14%, leading losses in the precious metals sector.
The international gold price decline transmitted to domestic markets, with mainstream jewelry brand prices falling significantly, with leading brand pure gold retail prices breaking below 1,400 yuan/gram, reducing purchasing costs for demand-driven consumers.
Industry analysts attribute the crash to profit-taking from earlier excessive gains, shifts in global monetary policy, and tightening liquidity, with short-term market sentiment awaiting release.
This week's global precious metals market experienced an epic crash, with gold and silver prices continuing to decline, raising market panic.
New York April gold futures plummeted from last Friday's high of $5,061.70 per ounce, breaking below $4,600 this Friday, with a weekly decline of 9.62%, marking the largest single-week drop in 15 years; London spot gold crashed in sync, with cumulative weekly losses exceeding 11%.
The silver market saw even steeper declines, with NYMEX May silver futures falling below $70 per ounce from above $80, posting a weekly drop exceeding 14%, leading losses in the precious metals sector.
The international gold price decline transmitted to domestic markets, with mainstream jewelry brand prices falling significantly, with leading brand pure gold retail prices breaking below 1,400 yuan/gram, reducing purchasing costs for demand-driven consumers.
Industry analysts attribute the crash to profit-taking from earlier excessive gains, shifts in global monetary policy, and tightening liquidity, with short-term market sentiment awaiting release.