【Gold prices plummet: Industry insiders say it's due to profit-taking by bulls】On February 28, the topic of "gold prices plummet" surged in popularity on Weibo. COMEX gold futures fell again during trading on February 28, reaching a low of $2867.2 per ounce after breaking below $2900 per ounce the previous day. This represents a decline of over $100 per ounce compared to the monthly high of $2974 per ounce. The prices of branded gold jewelry also fell in response; on February 28, Chow Tai Fook and Luk Fook Jewelry quoted prices of 880 yuan per gram, down 6 yuan per gram from the previous day. Regarding the reasons for the drop in gold prices, industry insiders noted that after London gold spot prices broke through the resistance level of $2950 per ounce, a large amount of profit-taking occurred, leading to the decline in gold prices. In addition, the price spread between COMEX gold futures and London gold spot prices has gradually narrowed, physical gold demand has weakened marginally, and the replenishment of inventory in the New York precious metals market has cooled down. A research report by Shenwan Hongyuan Futures indicates that market sentiment toward the outlook for gold this year is relatively optimistic, further driving a rush to buy, but the cost-effectiveness of continuing to buy gold has decreased, and the overall situation may display a stage of profit-taking. (China Securities Journal) (Source: Jin Shi Data)