During the National Day holiday, which typically sees a spike in consumer spending, demand for gold jewelry in China unexpectedly declined. Visits to major retail outlets such as Chow Tai Fook and Lao Feng Xiang revealed a significant drop in foot traffic and sales, with some stores reporting no transactions over several hours. The high international gold prices, nearing $2,700 per ounce, combined with local prices approaching 800 RMB ($109.59) per gram, have led to consumer hesitancy. Many potential buyers are deterred by rising prices, opting for alternative investment avenues like gold ETFs. Retailers are attempting to attract customers through promotions, but the overall sentiment remains cautious, with gold jewelry sales seeing a decrease compared to previous holidays. The retail sector is also experiencing a decline in total sales, highlighting a shift in consumer preferences as gold jewelry gains a larger market share amid a broader downturn in jewelry sales.