Gold and jewelry stocks saw an expansion in losses during the session. At the time of writing, LAOPU GOLD (06181) fell 4.54% to HK$652, CHOW SANG SANG (00116) dropped 4.27% to HK$12.78, and CHOW TAI FOOK (01929) declined 3.3% to HK$12.02. The movement comes amid recent sharp fluctuations in international gold prices.

Early on the 4th, domestic gold jewelry price comparisons indicated that most gold retailers' prices had retreated significantly from the previous day. Many stores quoted prices below 1,600 yuan per gram, marking a drop of over 50 yuan per gram compared to yesterday.

Additionally, data revealed that in 2025, domestic consumption of gold bars and coins surpassed that of gold jewelry for the first time. According to a research report from Oriental Securities, sustained high gold prices have noticeably suppressed demand for gold jewelry in China, while consumption of more investment-oriented products like gold bars and coins has risen rapidly year-on-year, significantly exceeding the absolute volume of gold jewelry sales.

Everbright Securities noted that amid the ongoing upward trend in gold prices, fixed-price gold jewelry products, due to their slower price adjustment cycles, offer better value and are gaining more consumer favor. In contrast, demand for weight-based gold products may face some pressure.