Gold Jewelry Prices Plunge Over RMB 100 per Gram Overnight, E Fund Gold Miners Select Index ETF (02824.HK) Drops Over 11% at Open

NewTimeSpace Wire: On February 2, spot gold extended its decline. As of 09:15, spot gold traded at USD 4,650.546 per ounce, having touched an intraday low of USD 4,583.077 per ounce. E Fund Gold Miners Select Index ETF  (02824.HK) opened sharply lower, dropping over 11%.

HKEX data shows E Fund Gold Miners Select Index ETF (02824.HK) tracks the Solactive Global Gold Miners Index, covering gold mining companies listed on the Hong Kong Stock Exchange that are eligible for Stock Connect. Current holdings include leading Chinese miners such as Zijin Mining, Zhaojin Mining, Shandong Gold, Chifeng Gold, and Lingbao Gold.

The fund provides exposure to global gold mining equities, combining commodity attributes with earnings leverage from mining operations. Against the backdrop of gold prices breaching historical highs, the high-beta characteristics of these "miners' stocks" warrant particular attention.

According to Chow Sang Sang's official website, on February 2, the jeweler's (00116.HK) 999.9 gold jewelry was priced at RMB 1,484 per gram, down RMB 134 from the previous day's RMB 1,618 per gram.

China Galaxy Securities' latest research note suggests the recent correction in precious metals prices should be viewed as an active cooling within a gold bull market, rather than panic-driven capital flight. Following consecutive record highs in gold and silver prices, short-term profit-taking and price consolidation represent normal market behavior, helping to release overheated sentiment and rebuild momentum for subsequent moves. (Source: China Galaxy Securities, February 2, 2026, "Global Asset Allocation Weekly: Is the Gold Rout a Temporary Adjustment or Trend Reversal?")

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