Gold and jewelry stocks continued their downward trend in Hong Kong trading. At the time of writing, LAOPU GOLD (06181) dropped 10.31% to HK$548. LUK FOOK HOLD (00590) fell 7.07% to HK$23.4. CHOW SANG SANG (00116) declined 6.27% to HK$12.1, while CHOW TAI FOOK (01929) decreased 4.56% to HK$10.67. The movement follows a multi-day decline in international gold prices, which fell below $4,400 per ounce during the morning session. Several domestic jewelry brands have adjusted their pure gold product prices accordingly. For instance, Lao Miao Gold's pure gold jewelry is now priced at 1,363 yuan per gram, down 50 yuan from the previous day's 1,413 yuan. Prices for CHOW TAI FOOK, LUK FOOK JEWELLERY, and CHJ Jewellery have also fallen below 1,400 yuan per gram. A recent report by Oriental Securities noted that sustained high gold prices have significantly dampened consumer demand for gold jewelry in China, while consumption of gold bars and coins—products with stronger investment appeal—has risen rapidly year-on-year and substantially exceeded jewelry volumes in absolute terms. Guosheng Securities added that gold jewelry companies showed clear performance divergence in 2025 against the backdrop of rising gold prices. Looking ahead to 2026, the firm expects consumers to increasingly prioritize product design and brand strength, with companies demonstrating distinct product differentiation and strong branding likely to outperform the sector.