International gold prices have fallen nearly 5% in the past month. Investors who bought gold bars chasing the high are now trapped.

In recent days, international gold prices have been pulling back from their high levels. Wind data shows that as of 19:00 on March 17, the cumulative drop in COMEX gold futures prices since March has been nearing 5%.

Reporters learned through visits that as gold prices have fallen, some consumers who bought investment gold bars near the highs are stuck in losing positions, with losses that are larger.

Experts remind that gold prices are already at historic highs, so ordinary investors should exercise caution when buying gold bars.

Chasers are down by nearly 10%

Reporters learned that the total buy-and-sell transaction fees for investment gold bars available on the market are basically around 2%. Even if the gold price does not move, cashing out at the original price would still mean losing several dozen yuan per gram. Since March, as international gold prices have pulled back from high levels, some investors who bought investment gold bars after a surge are already down by nearly 10% on paper.

“I bought 20 grams of investment gold bars on March 2. The purchase price was 1,210 yuan per gram. Today, the sell price dropped to 1,110 yuan per gram at one point. After factoring in the transaction fees, I’ve lost more than 120 yuan per gram. I also don’t really dare to add at the current price.” A newcomer to gold bar investing told China Securities Journal reporters.

Worth noting is that because products such as craft gold bars and gold commemorative coins carry higher premiums, investors who bought near the highs are facing even more severe paper losses.

“Craft gold bars are more than 200 yuan per gram more expensive than investment gold bars. Investment gold bars have already been taken off sale, mainly related to recent increases in gold material prices and changes to tax policies related to gold sales. At present, craft gold products such as zodiac-themed gold bars and birthday gold bars are still sold normally.” During the visits, sales staff from multiple gold shops told China Securities Journal reporters.

Jewelry gold consumption remains sluggish

Although gold prices have eased somewhat, since mainstream jewelry gold quotes are still hovering around 1,550 yuan per gram, enthusiasm for buying jewelry has not been high.

According to the latest quotes, on March 17, Chow Tai Fook quoted 1,551 yuan per gram, Chow Sang Sang quoted 1,550 yuan per gram, and Luk Fook quoted 1,546 yuan per gram.

In addition, reporters found that most brands have already carried out a new round of price increases for “one-price” products. After the price increase, product sales have been rather slow.

On February 28, Laopu Gold kicked off its first price increase of the year, raising prices by 20% to 30%. Reporters visited again recently and found that sales at multiple Laopu Gold stores have been cold.

Statistics from the China Gold Association show that in 2025, China’s gold consumption volume was 950.096 tons, down 3.57% year over year. Among them, gold jewelry was 363.836 tons, down 31.61% year over year; gold bars and gold coins were 504.238 tons, up 35.14%; and gold used for industrial and other purposes was 82.022 tons, up 2.32%.

Institutions focus on gold price trends and M&A plans

Judging from listed company performance, gold mine–related listed companies generally performed well, while companies involved in gold processing showed clear divergence.

Worth noting is that recently, many gold-related listed companies have received concentrated research visits from institutions. Based on the content of these institutional research visits, institutions generally pay close attention to the subsequent gold price trend, plans for acquiring gold mines, and recent sales performance.

Regarding a company’s M&A strategy for projects, in the latest disclosed investor relations event record, Zhaojin Gold said that on the domestic front, it focuses on regions other than those related to the existing mines of Zhaojin Group; on the overseas front, it focuses on Africa and Central Asia and also considers places such as South America. In terms of target types, it prioritizes projects that are in production or are about to enter production, because they have strong appeal and facilitate financing arrangements. Financing channels mainly consider multiple approaches, including self-owned funds, financing from financial institutions, and capital market financing.

In the latest disclosed investor relations event record, Shanjin International stated that, based on its development strategy goals, it adheres to the “increase reserves through M&A” dual-engine drive. On the one hand, it increases exploration investment and accelerates the progress of converting exploration rights to mining rights for existing mines; on the other hand, it actively implements domestic and overseas M&A to add reserves of mineral resources for the company’s sustainable development. For domestic resource M&A, its existing mines and surrounding resources are primarily acquired with the company as the main acquirer, and resources around Shandong Gold are primarily acquired with Shandong Gold as the main acquirer. For overseas resource M&A, deals are made according to the respective characteristics of the company and Shandong Gold.

Regarding the future gold price trend, Shanjin International said that the company has adjusted its sales strategy, with reduced sales of mineral gold in the fourth quarter of 2025. Over the next three to five years, it expects gold prices to show the core trend of “shifting the center upward and rising amid volatility.” With the intensifying trend of deglobalization and the continued expansion of global debt, the return of gold’s monetary attributes will be further reinforced. At the same time, global uncertainty will persist long term, further strengthening gold’s safe-haven attribute. Against this backdrop, the central bank gold-buying boom will continue, institutions will include gold in strategic allocation, and residents’ safe-haven and value-preservation demand will grow steadily, providing all-around demand support for gold prices. Therefore, in the long run, the core logic of weakening fiat currency credit and rising safe-haven demand will continue to provide solid support for the upward movement of the gold price’s central level.

By Dong Tian, a reporter of this paper

(Editor: Wen Jing)

Keywords:

                                                            Gold price