Lately, the gold market has seen some wild ups and downs. Prices shot up to record highs, then plunged hard, surprising a lot of investors. On October 21, the global spot price of gold fell by 5.3%, settling at $4,125 per ounce. That was the biggest one-day drop since April 2013. On Chinese investment sites, gold prices tumbled too—from more than 1,000 RMB per gram at the top to just over 900 RMB. Then on October 27, prices dipped another nearly 3%, with international gold slipping under $4,000 per ounce. It lost more than $100 that day alone. The slide kept going on October 28, hitting a low of $3,963 per ounce—the lowest point since October 10. That day, gold jewelry prices in China dropped sharply as well, with some brands cutting more than 20 RMB per gram in one go.
In the space of just a week, gold prices crashed, and folks who bought at the peak took a real hit. Plenty of them vented their frustration and worries on social media.
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