HK Stock Market Move | Gold jewelry stocks collectively fell, with the price of gold jewelry falling by 300 yuan within the year. Institutions indicate differentiation between gold jewelry and investment gold demand.

Gold jewelry stocks collectively fell. As of press time, ZHOU LIU FU (06168) fell by 4.7% to HK$17.83; LUK FOOK HOLD (00590) fell by 4.35% to HK$21.56; CHOW SANG SANG (00116) fell by 4.34% to HK$11.24; CHOW TAI FOOK (01929) fell by 2.34% to HK$10.83. On the news front, on May 18, the international gold price fell, breaking below the $4500 mark, hitting a new low since April. As a result, the domestic brand jewelry price fell by 300 yuan overnight, dropping below 1400 yuan compared to the high of 1700 yuan/gram in January. In addition, the World Gold Council believes that the second quarter is traditionally a slow season for jewelry consumption, and jewelry consumption demand may further weaken. Cinda pointed out that jewelry is essentially a consumer product rather than an investment product, it is difficult to break away from the basic framework of price increase and quantity decrease. High gold prices generally cause a wait-and-see sentiment among end consumers, and the gap between jewelry and investment gold consumption weight growth rates has been widening since 2024, indicating a significant differentiation between consumer demand and investment demand on the demand side. In the first quarter of 2026, the industry's investment gold consumption weight growth rate has significantly accelerated, while jewelry continues to show a trend of price increase and quantity decrease.