On September 24, a comparison of domestic gold jewelry prices showed that several major jewelry brands adjusted their pure gold ornament quotes downward from the previous day. Lao Feng Xiang was quoted at 1,300 yuan per gram, down 17 yuan from the prior session, Lao Miao Gold stood at 1,293 yuan per gram, also down 17 yuan, and Chow Sang Sang was at 1,297 yuan per gram, declining 12 yuan.

Roughly one month earlier (August 25), these three brands had all exceeded 1,400 yuan per gram, with Chow Sang Sang reporting 1,408 yuan, Chow Tai Fook at 1,410 yuan, and Lao Miao Gold at 1,407 yuan, marking a three-month high. Now, prices have fallen to around 1,300 yuan per gram, accumulating a drop of more than 100 yuan per gram.

As of the time of writing, spot gold has slipped below 4,280 U.S. dollars per ounce, down 0.28% on the day. Why is gold declining again? Industry insiders point out that the primary pressure on this round of gold's fall still comes from interest rates. The U.S. Federal Reserve raised its benchmark rate by 25 basis points last week and signaled that further policy tightening could follow in the coming months. St. Louis Fed President Musalem subsequently stated that additional rate hikes might be necessary to curb inflation. As a result, even with geopolitical tensions remaining heightened, safe-haven capital has not flowed en masse into gold.