Gold’s “nine consecutive declines” have wiped out all of this year’s gains. Chow Tai Fook has temporarily paused price increases, and some buyers have already lost 100,000 yuan.

On one side, the new price tags have arrived at stores, and salesclerks are urging consumers to buy quickly; on the other side, gold prices are experiencing their “ninth consecutive decline,” with domestic brand gold jewelry prices continuously falling. Chow Tai Fook’s delayed price increase on fixed-price gold jewelry is stuck at a rather awkward timing.

In February this year, news spread that several brands, including Lao Pu Gold and Chow Tai Fook, would adjust their fixed-price gold products. On February 28, Lao Pu Gold completed its price adjustment, but Chow Tai Fook’s timing remained uncertain, with rumors suggesting it would start in mid-March. In March, many online sources indicated that Chow Tai Fook’s price change was scheduled for March 23.

However, when March 23 arrived, gold experienced its largest weekly decline in 43 years. On the 23rd, reporters visited multiple Chow Tai Fook stores in Shanghai and found that the much-anticipated price increase had not materialized. “The new price tags arrived a few days ago, but the system hasn’t been updated yet,” said a clerk at a Chow Tai Fook store. Another staff member was more direct: “The price increase has been postponed; when it will happen next is unclear.”

Reporters’ visits:

Rumored price hike for over a month,

but it didn’t happen on the “big day”

Chow Tai Fook’s supposed price increase has been a long-running saga.

Looking back to 2025, Chow Tai Fook had three rounds of gold price hikes in March, October, and December — one of the rare concentrated periods of price increases in the past decade. In comparison, Lao Pu Gold, which mainly offers fixed-price products, completed three rounds of adjustments in 2025 and then launched its first full-line price increase of the year on February 28, 2026, which industry insiders say is “more popular as prices go higher.”

In February this year, there were reports that Chow Tai Fook would raise prices on fixed-price products after the Spring Festival, mainly on gold with fixed prices and gold with diamonds, with increases of 15% to 30%. Initially, the date was rumored to be March 10, then shifted to a broader “mid-March.” Chow Tai Fook later confirmed that the price hike was genuine but stated that “the specific timing and extent have not yet been finalized.”

Once the news broke, stores became lively, with some consumers rushing to buy their favorite jewelry before the price increase. A store clerk said that some popular bracelets would increase from over 50,000 to over 70,000 yuan. For example, a 29.88-gram gold bracelet with five emperor coins was expected to rise from 53,800 yuan to over 70,000 yuan, an increase of over 30%.

By the end of mid-March, the date was again rumored to be March 23, and several active online salesclerks at Chow Tai Fook confirmed this date. However, recently, Chow Tai Fook has postponed this price hike.

On March 23, reporters visited several Chow Tai Fook stores in Shanghai and found that, as of that date, fixed-price gold jewelry had not been adjusted. A clerk at the Zijing City store said that March 23 was indeed the originally scheduled date, but no price change had occurred, and it was unclear when or if prices would be raised.

Some stores were reluctant to disclose the postponement to customers. An employee at the Sun Moon Light store said that new price tags had arrived but the system hadn’t been updated yet, and “maybe around the 20th or so, there will be a change.”

Meanwhile, on social media, many accounts claiming to be Chow Tai Fook salesclerks continue to post videos warning that “prices will rise soon, buy now” to sell products. In reality, gold prices have moved in the opposite direction.

Buying in anticipation of a rise,

but facing a fall:

Some buyers have already lost tens of thousands of yuan

Ms. Zhang, a citizen, was among those rushing to buy before the “price hike.”

Recently, she saw news that Chow Tai Fook would raise prices and hurried to the store, just in time to see staff replacing price tags.

A gold diamond necklace at Chow Tai Fook was still marked at 36,600 yuan, but the new price tag showed 40,600 yuan. The increase was about 10%, not the 15%-30% previously rumored, but it was still a price change. Feeling the urgency, Ms. Zhang decided to buy her desired jewelry.

Many consumers shared similar sentiments online. Some posted photos of their purchases, with comments like “When will it rise?” and “Hurry up and raise prices.” Others joked, “I’ve already bought it, so it can go up now.”

But the anticipated price increase has yet to happen… and many are beginning to regret.

Some buyers of Chow Tai Fook fixed-price gold jewelry claim they have already lost tens of thousands of yuan. “I bought at the fixed price, and then gold prices fell. I can’t do anything about it,” said one. Photos showed various gold jewelry pieces from Chow Tai Fook, with comments full of consolation.

Others felt relieved: “I wanted to buy a fixed-price apple bead bracelet for 56,800 yuan, but I held back.”

“Gold prices fell, and I felt bad. I thought since my item was fixed-price, a brand increase would mean it still held value. But it didn’t go up…” Ms. Zhang said, “It feels a bit silly to rush in and buy.”

Her words reflect the common mindset of many buyers: when the market is falling, if brands still raise fixed prices, they are signaling confidence in the long-term value — short-term fluctuations aside. But the delay in price hikes has shaken this confidence.

For Chow Tai Fook, this dilemma is not easy to solve. If they raise prices — gold prices are falling sharply, and new customers might not buy; if they don’t — they risk alienating the earlier buyers who purchased before the hike.

“Nine consecutive declines” in gold prices:

Wiping out this year’s gains

How does Chow Tai Fook officially describe this postponement?

When asked, the official flagship store responded: “Product prices are affected by raw materials, operating costs, market conditions, and other factors. Based on fluctuations in international gold prices, we have decided to delay this price adjustment. Currently, we have not received any further notice regarding the timing of adjustments.”

At the end of January, international spot gold prices hit a peak of about $5,596 per ounce, and domestic brand gold prices briefly exceeded 1,700 yuan per gram. Although there was a short-term correction, by late February, gold prices stabilized above $5,000, with the market generally expecting the bull market to continue. Under this background, price increase expectations for major brands formed.

Since March, influenced by multiple international factors, gold prices plummeted. Despite tensions in the Middle East, the traditional logic of “buy gold in turbulent times” has failed. Recently, gold experienced its “ninth consecutive decline,” with spot gold dropping over 10% in a single week, marking the largest weekly percentage decline since 1983.

For example, Chow Tai Fook’s gold price was 1,608 yuan per gram on March 1, dropped to 1,503 yuan on March 19, then to 1,447 yuan on March 20, and remained at 1,397 yuan on March 21 and 22, finally reaching 1,375 yuan on March 23. Compared to the beginning of the month, it has fallen by 233 yuan per gram, roughly returning to the price levels of early January, effectively erasing this year’s gains.

Reporters visited the Zijing City Jewelry Trading Center in Shanghai and found that, compared to the period of rapid gold price increases, customer traffic was significantly reduced; however, some “bargain hunters” were still asking about prices and trying on jewelry. A clerk on the second floor said that business has been tough lately, with no more customers rushing to buy at high prices, mostly those trying to “bottom fish,” though they are not very confident about catching the bottom and are mostly watching.

Ms. Yan, a local resident, said she had bought gold during the previous bull market at a high point, only to see prices crash afterward, trapping her. She wanted to buy more now that prices are falling but held back, recalling her past lesson. “I haven’t forgotten the last time,” she said. “After this, I plan to study financial and investment knowledge seriously, understand what influences gold prices, and make decisions based on my own judgment — no more blindly following others.”

Source: News Morning Post