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This week's global precious metals market experienced an epic crash, with gold and silver prices continuously declining, causing market panic.
New York April gold futures plummeted from Friday's high of $5061.70 per ounce last week, falling below $4600 this Friday, with a weekly decline of 9.62%, marking the largest single-week drop in 15 years; London spot gold simultaneously collapsed, with a cumulative weekly decline exceeding 11%.
The silver market experienced an even steeper decline, with COMEX May silver futures retreating from above $80 per ounce to below $70, representing a weekly decline exceeding 14%, leading the precious metals sector downturns.
The decline in international gold prices has transmitted domestically, with mainstream brand jewelry prices falling significantly, with leading brands' pure gold retail prices dropping below 1,400 yuan/gram, reducing purchasing costs for price-sensitive consumers.
Industry analysts attribute the crash to profit-taking from earlier oversized gains, shifts in global monetary policy, and tightening liquidity; the short-term market sentiment awaits release.