摘要12月31日，周生生黄金价格报1355元/克，与本月初（1336元/克）相比，上涨了19元，涨幅 1.42%。较本月最高价相差57元/克，较本月最低价相差31元/克，均价1356元/克。 12月31日，周生生黄金价格报1355元/克，与本月初（1336元/克）相比，上涨了19元，涨幅1.42%。较 本月最高价相差57元/克，较本月最低价相差31元/克，均价1356元/克。 周生生黄金价格月度统计（12月1日-12月31日，单位：元/克） | 当日价 | 1355 | | --- | --- | | 日涨幅 | 0.15% | | 最高价 | 1412 | | 最低价 | 1324 | | 顶位差 | -57 | | 底位差 | 31 | | 平均值 | 1356 | ...

Core Viewpoint - The trust of end consumers in the narrative of "gold as a store of value" is being tested due to recent fluctuations in gold prices and the pricing strategies of jewelry brands [2][4]. Group 1: Price Fluctuations and Consumer Behavior - On December 30, international gold prices closed at $4,340.13 per ounce, while domestic gold jewelry prices saw significant declines, with brands like Chow Tai Fook and Lao Feng Xiang dropping over 40 yuan per gram [2]. - In mid-December, brands such as Chow Tai Fook announced price increases of around 15% for their products, indicating a trend of rising prices prior to the recent drop [2]. - The volatility in international gold prices is increasingly impacting the trading dynamics of the gold jewelry market, with sales personnel often not fully disclosing the risks associated with price fluctuations [4]. Group 2: Consumer Sentiment and Market Dynamics - Consumers exhibit irrational behavior characterized by "buying high and selling low," driven by narratives of inflation resistance and risk aversion during price surges, leading to increased purchasing intentions [4]. - When prices decline, consumer sentiment shifts to a wait-and-see approach, resulting in behaviors such as order cancellations and delays in product pickup [4]. - The pricing mechanism of gold jewelry brands typically involves "raw material cost + processing fee + brand premium," leading to rapid price increases during gold price surges, while adjustments during price declines are more cautious due to inventory costs and consumer expectations [5]. Group 3: Trust Issues and Market Positioning - The price stickiness in the market can lead to consumers feeling "stuck" after purchasing at high prices, which undermines their trust in the narrative of gold as a reliable store of value [5]. - If brands continue to market gold jewelry as a value-preserving asset, a decline in gold prices could trigger a demand shrinkage and a crisis of trust among consumers [5].

Core Viewpoint - The recent significant drop in gold jewelry prices among major domestic brands is attributed to a sharp decline in international gold prices, marking a rare and substantial correction after a year of rising prices. Price Movement - On December 30, major gold jewelry brands such as Chow Tai Fook, Lao Feng Xiang, and Lao Miao all saw price drops exceeding 40 yuan per gram, with Chow Sang Sang experiencing a drop of over 50 yuan per gram [1] - The gold price for major brands on December 30 includes: - Chow Tai Fook: 1363 yuan/gram, down 42 yuan - Chow Sang Sang: 1353 yuan/gram, down 53 yuan - Lao Feng Xiang: 1363 yuan/gram, down 45 yuan - Six Fortune Jewelry: 1361 yuan/gram, down 42 yuan [2][3] Market Influences - The price adjustment in gold jewelry is primarily influenced by a significant drop in international gold prices, which fell over 200 USD in a single day on December 29, reaching a low of 4301.79 USD per ounce, a decline of 4.42% [3] - Other precious metals such as silver and platinum also experienced notable declines during this period [3] Trading Regulations - The rapid increase in precious and industrial metal futures prices has led to heightened volatility risks, prompting the Chicago Mercantile Exchange to raise margin requirements for trading metals, effective after the close of trading on the following Monday. Gold futures margin will increase by 10%, silver by approximately 13.6%, and platinum by 23% [3] - This increase in margin requirements is expected to significantly raise the cost of speculative trading, leading some investors to liquidate positions before the new rules take effect, resulting in multiple rounds of price declines in international metal futures on December 29 [3] Market Sentiment - Analysts indicate that the recent price correction is driven by technical and liquidity factors rather than a fundamental shift in the long-term outlook for precious metals. Despite the short-term market sentiment being under pressure, the bullish drivers for gold remain intact [4] - UBS has raised its gold price target for the first three quarters of 2026 to 5000 USD per ounce, with an expectation that prices will retreat to 4800 USD per ounce by the end of 2026, higher than previous forecasts [4]

Group 1 - The international gold price is reported at $4,340.8 per ounce, while international palladium is at $1,608.4 per ounce, and international silver is at $72.28 per ounce. The domestic gold price is at ¥992.9 per gram [1] - Major domestic gold retailers have varying prices, with Lao Feng Xiang at the highest price of ¥1,408 per gram and China Gold at the lowest price of ¥1,312 per gram. Other notable prices include Chow Tai Fook at ¥1,405, Chow Sang Sang at ¥1,406, and Liufuk Jewelry at ¥1,405 per gram [1]

Core Viewpoint - The article discusses the recent significant decline in domestic gold jewelry prices and analyzes the potential for a continued bull market in gold for 2026, influenced by various economic factors and investor behavior [1][3]. Price Comparison - As of December 30, 2025, several gold jewelry brands reported a notable price drop for domestic 24K gold jewelry, with Lao Feng Xiang and Chow Tai Fook both priced at 1363 CNY per gram, while Lao Miao Gold was at 1359 CNY per gram, and Chow Sang Sang at 1353 CNY per gram. Liufu Jewelry maintained a price of 1403 CNY per gram [1][2]. Market Dynamics - The international gold price has seen fluctuations, dropping from a previous high of 4550 USD to around 4350 USD. The article raises the question of whether the gold bull market can continue into 2026 [2][3]. Support for Gold Market - Key factors supporting the gold market include expectations of interest rate cuts by the Federal Reserve, with three cuts totaling 75 basis points in 2025 and an anticipated 2-3 cuts in 2026. Additionally, global central bank gold purchases are expanding beyond geopolitical nations, with the share of dollar assets in global reserves decreasing from 72% to 56%, while gold reserves have increased to 25% [3]. Investor Behavior - Gold investment returns and capital inflows are positively correlated, with significant demand for gold observed in 2025, totaling 551.5 tons, 477.5 tons, and 537.2 tons in the first three quarters, respectively. Gold ETF and derivatives investments also showed strong performance, with figures of 226.6 tons, 170.5 tons, and 221.7 tons, all higher than the previous year. Despite a decline in gold jewelry consumption compared to the previous year, quarterly consumption remains high at nearly 400 tons [3]. Potential Risks - Possible negative factors for gold in 2026 include easing inflation pressures in the U.S., which historically led to declines in gold prices during periods of high inflation retreat. Additionally, liquidity pressures could prompt central banks to sell gold, as seen during the 1997 Asian financial crisis when global central banks sold gold, leading to significant price drops [4].

周生生黄金价格月度统计（12月1日-12月29日，单位：元/克） | 当日价 | 1406 | | --- | --- | | 日涨幅 | -0.42% | | 最高价 | 1412 | | 最低价 | 1324 | | 顶位差 | -6 | | 底位差 | 82 | | 平均值 | 1356 | 摘要12月29日，周生生黄金价格报1406元/克，与本月初（1336元/克）相比，上涨了70元，涨幅 5.24%。较本月最高价相差6元/克，较本月最低价相差82元/克，均价1356元/克。 12月29日，周生生黄金价格报1406元/克，与本月初（1336元/克）相比，上涨了70元，涨幅5.24%。较 本月最高价相差6元/克，较本月最低价相差82元/克，均价1356元/克。 ...

国内金店黄金价格在上周六出现下跌后，今日继续呈现回调或企稳态势。从具体报价看，市场主流价格普遍回落至1403- 1408元/克区间，较近期高点有所下调。上海中国黄金报价小幅上调至1312元/克，与市场最高价之间的价差缩小至96元/克左 右。 今日黄金回收价格不跌反升，不同品牌回收价差也较大，以下为部分金店回收参考价： | 今日金店黄金回收价格一览(2025年12月29日) | | | | --- | --- | --- | | 回收报价 | 今日金价 | 单位 | | 黄金 | 1001. 40 | 元/克 | | 菜自黄金 | 977. 50 | 元/克 | | 周生生黄金 | 967. 20 | 元/克 | | 周大福黄金 | 977.00 | 元/克 | | 老凤祥黄金 1007.00 | | 元/克 | 说完国内黄金价格，我们再来讲讲国际金价情况： 上周五现货黄金盘中最高涨至4549.57美元/盎司，再创历史新高，最终收涨1.19%，报4533.34美元/盎司。今日现货黄金有回 落趋势，截至发稿，金价暂报4514.55美元/盎司，跌幅0.39%。 上周五金价的大涨主要还是市场对美联储明年多次降息的预期 ...

Group 1 - The international gold price is reported at $4531.8 per ounce, while international palladium is at $1923.4 per ounce, and international silver is at $79.13 per ounce [1] - The domestic gold price is reported at ¥1016.5 per gram [1] Group 2 - Major domestic gold retailers have varying prices, with Lao Miao Gold at ¥1417 per gram as the highest and China Gold at ¥1312 per gram as the lowest [1] - Other notable prices include Chow Tai Fook at ¥1413 per gram, Chow Sang Sang at ¥1412 per gram, and Liufuk Jewelry at ¥1413 per gram [1] - Additional prices from other retailers include Xie Rui Lin at ¥1413 per gram, Jin Zhi Zun at ¥1413 per gram, Chao Hong Ji at ¥1413 per gram, Cai Bai Jewelry at ¥1372 per gram, Lao Feng Xiang at ¥1408 per gram, and Zhou Liu Fu at ¥1398 per gram [1]

【#30克金手镯观望1年涨价近2万#】12月24日，黄金价格延续此前连续三天上涨走势再创新高，国际现 货黄金价格突破每盎司4500美元，年内涨幅超过70%。金饰价格同步攀升，多数品牌突破1400元/克。# 店员称千元内几乎买不到金饰# 合肥市民陈女士原本计划购买金手镯，一年多前30克的大概只要2万 元，她选择观望，结果价格一路上涨，如今同样的手镯已接近4万元。高金价也让专柜经营压力加大。 周生生某门店主管表示，目前千元以内几乎买不到足金首饰，品牌推出了小克重，"一口价"和镶嵌类产 品，还放宽了以旧换新政策，受到不少顾客的青睐。（安徽商报）#合肥[地点]# 来源：滚动播报 （来源：猛犸新闻） ...

Core Insights - The gold price has surged dramatically, reaching 1403 yuan per gram, reflecting a significant increase in consumer interest and urgency to purchase gold jewelry as the holiday season approaches [1][3][14] Price Variations - On December 24, 2025, major jewelry brands like Chow Tai Fook and Lao Feng Xiang listed their gold prices at around 1403 yuan per gram, while other brands like Cai Bai offered prices between 1342 and 1345 yuan, showing a price difference of nearly 60 yuan per gram for the same gold quality [3][5] - The price of investment gold bars varies significantly, with brand names like Chow Tai Fook pricing their gold bars at 1230 yuan per gram, while banks like ICBC offer prices as low as 990 to 1014 yuan per gram, which is closer to the raw material price [6][8] Market Dynamics - The gold market is experiencing a split, with high retail prices for jewelry supported by brand value, while investment gold prices reflect a more competitive landscape with significant price differences based on the sales channel [8][10] - In the Shenzhen Shui Bei market, the base price for gold is around 1165 yuan per gram, with additional costs for craftsmanship, indicating that consumers can access gold at much lower prices than retail [10] Consumer Behavior - For consumers purchasing gold for personal milestones, brand stores remain the preferred choice due to their reputation and after-sales service, while those focused on investment should consider bank offerings for lower costs [11][13] - Younger consumers interested in unique designs are turning to alternative channels like Shui Bei for lower-priced options, understanding that these purchases are more about personal enjoyment than investment [13][14] Market Sentiment - The current gold price surge is driven by both panic buying and investment strategies, reflecting a broader sentiment of uncertainty and the desire for tangible assets during volatile times [14]