China gold jewelry prices fall below 1,200 yuan per gram as spot gold drops under $4,000

The move matters less for the absolute level than for the speed: brand jewelry quotes shedding roughly 100 yuan a gram in a month shows how directly Chinese retail pricing tracks spot, with little buffer from premiums. That pass-through cuts both ways for the major chains — it draws bargain hunters but squeezes margins on existing inventory. The open question is whether the pullback revives physical demand that had thinned at higher prices, or whether buyers hold off expecting further declines.