Gold prices have continued their downward trend, with spot gold falling below $4,500 per ounce on Friday, marking the eighth consecutive day of decline. This drop has led to a corresponding decrease in domestic gold prices, attracting many consumers seeking buying opportunities. On the 21st, visits to several gold retail stores in Shanghai revealed a significant increase in customer traffic.

At a gold store in Shanghai's Huangpu District around 3 p.m. on the 21st, observers noted that six to seven customers approached the counters to inquire about gold prices within just over ten minutes. The store's gold price for the day was reported at ¥1,058 per gram, representing a decline of more than 10% compared to the previous week.

Visits to multiple gold retailers indicated that gold jewelry with strong decorative appeal, such as pieces made using ancient methods or 3D hard gold techniques, has become increasingly popular amid the falling prices. In contrast, investment gold bar counters appeared relatively quiet, with fewer customers showing interest. Store managers reported that gold recycling business volumes have also decreased recently.

A store manager in Huangpu District noted that customer traffic increases during weekends, reaching approximately 40 to 50 people per day. While jewelry sales remain steady, gold recycling activity has slowed because people are reluctant to sell when prices are declining.

The decline in international gold prices has similarly affected domestic markets, with the main Shanghai gold futures contract falling for five consecutive trading days last week. By the close of Friday's night session, the main contract settled at ¥1,016.12 per gram, registering a weekly loss exceeding 8%.

Market analysts attribute the sharp decline to multiple short-term factors converging simultaneously. These include a temporary breakdown in gold's traditional safe-haven appeal, emerging liquidity concerns in global markets, and shifting expectations regarding global monetary policy directions.