HK Stock Market Move | Gold and jewelry stocks collectively declined, with gold prices plummeting and dragging down domestic gold jewelry prices by over 100 yuan in two days.

Gold jewelry stocks collectively fell. As of the time of writing, LAOPU GOLD (06181) fell by 2.66% to HK$621; CHOW SANG SANG (00116) fell by 1.44% to HK$13.01; LUK FOOK HOLD (00590) fell by 1.02% to HK$25.3. On the news front, on March 19, international gold and silver prices once again fell sharply. Influenced by the overnight plunge in international gold prices, domestic gold jewelry prices took a significant hit today. CHOW SANG SANG's 24K gold jewelry fell by HK$104 in two days; Lao Miao's 24K gold jewelry fell by HK$105 in two days; Lao Feng Xiang's 24K gold jewelry fell by HK$97 in two days. Orient previously released a research report stating that under the continued rise in gold prices, the consumption of domestic gold jewelry has been notably suppressed, while the consumption of gold bars and coins, which are more investment-oriented products, has rapidly increased year-on-year, significantly surpassing gold jewelry in absolute terms. EB SECURITIES stated that under the trend of rising gold prices, fixed-price gold jewelry products, due to a certain lag in price adjustments, are more cost-effective and are more popular with consumers, while the demand for products priced by weight may be somewhat restrained.