Gold futures on the COMEX fell over 3% to below $4,500 per ounce on March 20 — the steepest single-week decline since 1983. Silver futures dropped nearly 7% to below $68 per ounce. Analysts cite rising oil prices stoking inflation expectations and cooling forecasts for a Federal Reserve rate cut. In Shenzhen, the plunge has triggered an immediate buying response: gold prices at Shuibei market have fallen roughly 200 RMB ($29) per gram since March 1, including 100 RMB ($14.50) last week alone. Foot traffic at local jewelry stores rose approximately 30% over the weekend.

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