Gold prices fall but some rush to restock? Major banks' gold bars face urgent "shortages" recently

Yangcheng Evening News Multimedia Reporter Dai Manman

“Ladies, I just went to the bank. They have no gold bars in stock, but you can start accumulating. The client manager suggests that the total amount should not exceed 10% of your total assets, and buying in 3-5 installments is fine.” In a community group, an investor shared that currently, a major state-owned bank has no physical gold bars in stock, and even bank staff said it’s the first time they’ve encountered this.

Bank Small-Weight Gold Bars “Hard to Find”

Yangcheng Evening News reporter immediately checked several state-owned bank apps and found that small-weight gold bars are indeed “hard to find.” For example, on the China Construction Bank app, the smallest available weight is 50 grams, with a real-time price of 1052.9 yuan per gram. When the reporter first opened the Industrial and Commercial Bank of China app, it showed that small quantities of gold bars from 5 grams to 200 grams could still be purchased, with a 200-gram gold bar costing about 210,000 yuan, and two options available. However, within less than half an hour, the app showed sold out, and the entire physical gold page displayed “This product is temporarily out of stock.”

On March 19, international gold prices experienced a decline, with the largest drop nearly 6%. After falling below the $4,600 per ounce mark, prices continued to decline, reaching a low of $4,531 per ounce. The drop in international gold prices triggered a broad decline in gold-related funds, with gold mining stocks suffering even larger losses. Gold industry stock products also fell far more than gold prices themselves and continued to face fund redemptions. Unlike earlier periods when funds “counter-trended,” on March 18, gold ETFs experienced “panic selling,” especially Huaxia Gold ETF, which saw a net outflow of over 5 billion yuan in a single day.

In this context, why are bank gold bars still “hard to find”? “Let me tell you, bank gold bars are more cost-effective for investment—each gram saves you over 100 yuan compared to jewelry stores,” senior gold investor Xiao Xiao explained, using her own purchase price from March 18 to do the math. At that time, a state-owned bank’s investment gold was priced at 1124.4 yuan per gram, with a 50-gram gold bar costing around 50,000 to 60,000 yuan. Meanwhile, Chow Tai Fook’s gold price was 1361 yuan per gram, meaning the same 50-gram gold bar would cost about 68,000 yuan—about 12,000 yuan more expensive than the bank’s.

“From a pure investment perspective, bank gold bars are definitely more cost-effective and closer to international gold prices, so recent bank gold prices have become popular,” Xiao Xiao told reporters. However, based on her own experience, jewelry brand gold bars are not without advantages, such as more exquisite craftsmanship, making them more suitable as gifts, and often offering small grams of gold coins or bars, lowering the investment threshold. Especially in recent years, some brands have launched “Koi Fish Gold Bars,” which can be worn and have zero labor costs, making them popular among gold investors.

“Chow Tai Fook’s little goldfish, I got it!” On a social platform, many netizens shared their experiences of buying “Koi Fish Gold Bars,” most feeling that purchasing them at jewelry-grade prices allows them to serve as both jewelry and investment.

Xiao Xiao believes that all types of gold bar investments are subjective and depend on individual preferences. From an investment standpoint, the focus should be on recent gold price trends.

When will this round of gold price correction “bottom out”?

“Why does my gold always drop right after I buy? Am I doing the opposite of the market? I thought gold would turn around and pick me up, but I got caught deep,” recently shared Guangzhou netizen Xiao Lu after buying gold. After noticing gold prices had been volatile at high levels, she decided to buy. On March 17, seeing gold had already fallen, she placed an order around 1120 yuan per gram. By the end of March 18, a community friend reminded her that gold had dropped below 1030 yuan per gram, meaning she lost about 90 yuan per gram.

March 18 was also a day of “loss of funds” for many recent gold buyers. “Thought I was catching the bottom, but I bought in halfway up the mountain,” said Xiao Lu. In a community group mainly discussing food, entertainment, and leisure, most topics also revolved around buying gold.

As a traditional safe-haven asset, when will this round of gold correction bottom out? Mainstream institutions generally believe that gold will fluctuate between $4,500 and $4,900 in the short term, with medium-term trends depending on the Federal Reserve’s rate cut pace and inflation data. Although opinions vary slightly, I noticed that among the analysis and advice from mainstream institutions including banks, there is an emphasis that investors should view market fluctuations rationally, avoid chasing highs and selling lows, and adjust their gold investment intensity according to their risk tolerance.

Editor: Wu Jiahong