International gold prices weakened by the New York close on June 19, while Chinese brands including Lao Feng Xiang cut pure gold jewelry prices to around 1,260 yuan per gram.
Gold prices weakened on June 19, with spot gold down 0.79% to $4,154.78 per ounce and gold futures falling 1.72% to $4,172.9 per ounce by the New York close, according to Cailian Press. In China’s retail market, several brands cut pure gold jewelry prices below 1,300 yuan per gram. Lao Feng Xiang reduced its price by 44 yuan from 1,309 yuan to 1,265 yuan per gram, while Chow Tai Fook, Lao Miao Gold and Chow Sang Sang also posted sharp daily declines, according to PANews citing Jinshi. Domestic pure gold jewelry prices at several brands fell to about 1,260 yuan per gram, nearly 450 yuan below this year’s peak. Retail jewelry prices generally track underlying gold prices but also include brand premiums and fabrication costs.