2月18日 老铺黄金官宣 将启动2026年首轮提价！ 不过，2月18日，国际金银价今日低开后强势拉升。截至发稿，现货黄金日内涨幅扩大1.23%，报4936.6 美元/盎司。现货白银日内涨幅扩大至超3%，报75.995美元/盎司。 来源：津云 具体调价时间为2月28日，产品调价详情以线上线下产品实际标价为准。老铺黄金每年有2-3次调价。 2025年，老铺黄金于2月、8月、10月三次上调售价。 2月18日，国内黄金饰品价格对比显示，多家黄金珠宝品牌当日公布的境内足金首饰价格回落至1500元 下方，周大福、周大生、潮宏基报价1499元/克。六福珠宝、老庙黄金、周生生、老凤祥、菜百克价仍 维持在1500元水平，分别报价1527元、1516元、1500元、1510元、1502元。 ...

新京报贝壳财经讯 2月18日，国内黄金饰品价格对比显示，多家黄金珠宝品牌当日公布的境内足金首饰 价格回落至1500元下方，周大福报价1499元/克，老庙黄金报价1499元/克，六福珠宝报价1497/克。周生 生、老凤祥克价仍维持在1500元水平，分别报1500元、1510元。 ...

Core Insights - The significant price disparity of 481 yuan per gram of gold on Chinese New Year's Eve highlights the complexities of the gold market, with prices varying widely between retail, investment, and recovery channels [1][3][6] Price Discrepancies - On February 16, 2026, the retail price of gold jewelry at Lao Feng Xiang was 1548 yuan per gram, while the price at Chow Tai Fook was 1529 yuan, contrasting sharply with the investment gold bar price from China Merchants Bank at 1121.60 yuan and recovery prices around 1067 yuan [1][3][5] - The price differences stem from various factors, including brand premiums, craftsmanship costs, and the nature of the products being sold, with retail prices incorporating significant additional costs beyond the base gold price [6][8] Market Dynamics - The Shanghai Gold Exchange was closed from February 14 to February 23, 2026, leading to a disconnect between retail prices and the international gold market, where prices remained active [3][14] - The international gold price was stable around 5023 to 5024 USD, while the domestic benchmark price was fixed at 1108.50 yuan per gram, illustrating the lack of synchronization between domestic and international markets during the holiday [3][14] Consumer Choices - For consumers purchasing gold for personal use, such as wedding jewelry, the price difference between retail and wholesale can be significant, with potential savings of up to 8800 yuan by opting for wholesale gold and self-processing [9][11] - For investment purposes, consumers are advised to focus on bank gold bars, which offer a closer alignment to the raw material price and lower associated costs compared to retail jewelry [11][12] Recovery Market - The gold recovery market presents its own challenges, with sellers facing potential exploitation through inaccurate weighing and purity claims, emphasizing the need for consumers to engage with reputable recovery services [15][16] - The recovery price reflects the intrinsic value of gold, devoid of any brand or craftsmanship premiums, highlighting the stark contrast between different market segments [8][16] Market Influences - Central banks globally, including China's, have been increasing their gold reserves, which supports the current high gold prices, alongside market expectations of potential interest rate cuts by the Federal Reserve [14] - The upcoming Chinese New Year traditionally boosts gold demand, although a significant portion of consumers express reluctance to purchase high-priced jewelry due to perceived excessive premiums [14]

Group 1: Gold Market Prices - As of February 16, 2026, the domestic gold market shows a mixed trend with a real-time trading price of 1119 CNY per gram and a basic gold price set at 1125 CNY per gram [1] - The price range for jewelry brand gold products is between 1300-1579 CNY per gram, with major brands like Chow Tai Fook and Luk Fook uniformly priced at 1529 CNY per gram, while Lao Feng Xiang is slightly higher at 1548 CNY per gram [2] - The Shanghai Gold Exchange reports that the AuT D contract price is 1108.50 CNY per gram, down 1.47% from the previous day, and the Au9999 contract is at 1109.00 CNY per gram, with a decline of 1.20% [2] Group 2: Bank Gold Bar Pricing - Major banks are quoting investment gold bars in the range of 1121-1145 CNY per gram, with differences attributed to handling fees and brand premiums [4] - Among state-owned banks, Industrial and Commercial Bank of China is at 1143.43 CNY per gram, and China Construction Bank at 1141.30 CNY per gram, while joint-stock banks are slightly lower [5] - China Gold and Cai Bai Jewelry report prices of 1139 CNY per gram and 1137 CNY per gram respectively, while jewelry brands like Chow Tai Fook and Lao Feng Xiang have gold bar prices reaching 1342-1403 CNY per gram, exceeding bank channel prices [6] Group 3: Investment Case Studies - Investor Xue Di, with a strategy of gradual accumulation since 2023, turned an initial capital of 2.8 million CNY into over 5.6 million CNY by January 2026, emphasizing gold's value preservation [8] - In contrast, investor Shi Yue faced losses after buying at a high of 1200 CNY per gram, leading to an average cost of 1185.73 CNY per gram and a significant weekly loss [8] - Investor Tian Rui missed the opportunity to purchase gold at 553 CNY per gram in 2023, now facing much higher prices, highlighting the importance of timing in investment success [8] Group 4: Pricing Power Shift and Supply Variables - Since 2025, the pricing logic of gold has undergone structural changes, moving from a negative correlation with U.S. Treasury real interest rates to a new model influenced by global debt levels and central bank gold purchases [9] - In 2025, global gold demand reached a record high of 5002 tons, with central bank purchases of 863 tons stabilizing the market, indicating a shift in the pricing system towards a tripartite structure involving Asian demand, North American demand, and central bank purchases [9] - Supply dynamics are also changing, as seen in Ghana, where gold production reached a record 6 million ounces in 2025, with artisanal mining surpassing large commercial mines, indicating a surge in informal supply channels [10] Group 5: Consumer Awareness and Investment Strategies - Consumers are advised to be cautious of "one-price" gold products that may not clearly indicate weight, potentially leading to high per-gram prices upon resale [12] - For genuine investors, transparency is crucial, with institutions like China Construction Bank and Agricultural Bank of China offering gold bars at only a slight premium over market prices, making them preferable for risk-averse investments [12] - The strategic reserve demand from global central banks, alongside U.S. monetary policy expectations and geopolitical risk factors, supports high gold prices, emphasizing the distinction between jewelry and investment-grade gold [12]

Core Viewpoint - The rising trend of using gold in nail art, particularly during the festive season, highlights a unique intersection of luxury and personal expression in consumer behavior [1][4]. Group 1: Market Trends - There is a notable increase in the popularity of "golden nails," with consumers willing to spend thousands of yuan to create elaborate nail designs using gold [3][4]. - High-end brands like Chow Tai Fook and Liu Fu Jewelry are capitalizing on this trend by promoting small gold accessories for nail art [8]. Group 2: Consumer Behavior - Consumers are repurposing old gold jewelry for nail art, with one individual showcasing a design that incorporated nearly 10 grams of gold worth around 10,000 yuan [4]. - The average cost for creating a golden nail design ranges from 600 to 1,500 yuan, depending on the complexity of the work [6]. Group 3: Industry Practices - Many nail salons require customers to bring their own gold for the nail art process, as the current high gold prices make it impractical for salons to provide gold themselves [6]. - There are concerns regarding the legality of nail salons offering to recycle leftover gold, as this could violate regulations set by the People's Bank of China [11].

Group 1 - The international gold price is reported at $5038.5 per ounce, while international palladium is at $1686.0 per ounce, and international silver is at $77.11 per ounce [1] - The domestic gold price is reported at ¥1125.0 per gram [1] - Major domestic gold retailers have varying prices, with Lao Feng Xiang at ¥1548 per gram (highest) and Zhou Shi Fu at ¥1524 per gram (lowest) [1] Group 2 - Other notable domestic gold prices include: Chow Tai Fook at ¥1529 per gram, Chow Sang Sang at ¥1534 per gram, and Liufuk Jewelry at ¥1529 per gram [1] - Additional prices from other retailers include: Xie Rui Lin at ¥1529 per gram, Jin Zi Zun at ¥1529 per gram, Chao Hong Ji at ¥1529 per gram, Cai Bai Jewelry at ¥1530 per gram, Lao Miao Gold at ¥1529 per gram, and China Gold at ¥1530 per gram [1]

Core Viewpoint - The article discusses the dynamics of the gold jewelry market, highlighting the increasing interest from young consumers, the impact of rising gold prices on different brands, and the shift towards high-end positioning in the industry [5][6][13]. Group 1: Young Consumers and Market Trends - Young consumers are increasingly purchasing gold jewelry as a form of self-expression and asset allocation, with a preference for smaller weight pieces that are both decorative and seen as a new form of savings [11][12]. - The trend of buying gold during the Spring Festival is reinforced by promotional activities from brands, with significant discounts being offered to attract younger buyers [9][11]. - The rising gold prices have led to a shift in consumer behavior, where young buyers are more focused on value retention and are setting budgets for their purchases [12]. Group 2: Brand Performance and Market Dynamics - Not all gold brands benefit equally from rising gold prices; some experience significant growth while others face profit pressures and store closures [13][14]. - The gold market can be divided into two main categories: scale-driven brands like Chow Tai Fook, which rely on extensive store networks, and premium brands like Lao Pu Gold, which focus on high-end craftsmanship and brand value [14][16]. - Chow Tai Fook leads in revenue with 347 billion RMB, followed by China Gold at 310.98 billion RMB, while Lao Pu Gold, despite having only 41 stores, achieves a notable revenue of 123.5 billion RMB [15][16]. Group 3: Profitability and Business Models - Profitability varies significantly among brands, with Lao Pu Gold achieving a high net profit margin of 38.10%, compared to China Gold's low margin of 4.50% [18][19]. - The difference in profitability is attributed to brand premium capabilities, with Lao Pu Gold's pricing strategy allowing for higher margins compared to traditional pricing models [19][20]. - Market capitalization reflects these differences, with Chow Tai Fook valued at 1427.46 billion RMB and Lao Pu Gold at 1359.17 billion RMB, indicating that brand positioning and profitability are more critical than sheer scale [20][21]. Group 4: Industry Shift Towards High-End Positioning - Traditional brands are responding to market pressures by increasing prices and shifting towards high-end product offerings, although this strategy may not be sustainable in the long term [24][26]. - The high cost of gold as a raw material limits the potential for brand premium, creating a tension between maintaining high prices and consumer price sensitivity [26][27]. - The industry faces challenges in establishing a complete value chain that allows for brand premium realization, as the market is still in its early stages of accepting the concept of "gold brands" [27][30].

Core Viewpoint - The rise of "golden manicure" reflects a shift in consumer behavior, particularly among younger demographics, as they seek new ways to express themselves and find value in gold beyond traditional investment or adornment [1][5][8]. Industry Trends - The gold jewelry industry is experiencing a dichotomy, with international gold prices rising since 2025, yet major jewelry companies like Chow Tai Fook and Chow Sang Sang reporting declining revenues and store closures [1][10]. - Chow Tai Fook's revenue for the fiscal year 2026 showed a 1.1% year-on-year decline, marking a five-year low, while Chow Sang Sang's revenue dropped by 37.35% in the first three quarters of 2025 [10]. Consumer Behavior - The trend of using gold in manicures has gained popularity, with consumers willing to spend thousands on "golden nails," indicating a shift towards high-frequency, low-cost luxury consumption [1][6]. - The global nail product market is projected to grow from $25.76 billion in 2025 to $36.26 billion by 2032, with a compound annual growth rate of 5.01% [6]. Market Dynamics - The "golden manicure" trend is seen as a potential solution to the jewelry industry's challenges, transforming gold from a low-frequency, high-ticket item to a high-frequency, lower-cost accessory [1][8]. - The demand for gold in manicures is driven by social media influence, with consumers focusing more on aesthetics and social expression rather than the intrinsic value of gold [7][8]. Challenges and Risks - Despite the popularity of golden manicures, there are concerns regarding the cost-effectiveness and the potential for damage to the gold used, as well as legal implications surrounding the recycling of gold materials [2][12]. - The traditional jewelry industry faces challenges in adapting to this new trend, with many companies still struggling to recover from declining sales and store closures [9][10].

Core Viewpoint - The demand for gold is increasing significantly, particularly among younger consumers, driven by rising gold prices and a shift towards personalized and investment-oriented gold products [1][7][25]. Group 1: Gold Price Trends - Gold prices have shown a continuous upward trend, starting from approximately $2,650 per ounce in early 2025 to $5,042 per ounce by February 13, 2026 [1][19]. - The international gold price surged from around 970 yuan to over 1,200 yuan within 20 days, indicating a rapid increase in market value [6][34]. Group 2: Consumer Behavior and Preferences - The younger generation (post-95s and post-00s) is becoming the main consumer group for gold, favoring lightweight, IP-themed, and personalized products [1][25]. - There is a notable increase in the popularity of gold nail art, with consumers willing to spend thousands on gold-infused manicures [4][22]. Group 3: Gold Recycling and Trade - The trend of gold recycling is gaining traction, with approximately 60% to 70% of gold recycling coming from jewelry, while gold bars account for 30% to 40% [6][34]. - The concept of "trading old for new" is becoming popular, as consumers shift from "hiding gold" to "wearing gold," enhancing the circulation of existing gold [33][34]. Group 4: Market Dynamics and Promotions - Major gold retailers are offering promotional discounts, such as a reduction of 200 yuan per gram on jewelry, while gold bars are sold at competitive prices without additional processing fees [26]. - The World Gold Council projects global gold demand to reach a record high of 5,002 tons in 2025, reflecting strong market interest [7][25]. Group 5: Innovations in Gold Products - There is a growing preference for unique and artistic gold products, such as the "persimmon gold bar," which combines aesthetic appeal with investment value [28][29]. - The introduction of new product lines, like the Charme bead series, aims to cater to diverse consumer needs through innovative designs and varying price points [29][32].

Core Viewpoint - The article highlights the increasing popularity of gold consumption among younger generations in China, particularly the post-95 and post-00 demographics, driven by rising gold prices and innovative product offerings that cater to their preferences for lightweight and personalized gold items [1][6][14]. Group 1: Gold Price Trends - Gold prices have shown a significant upward trend, starting from approximately $2,650 per ounce in early 2025 to $5,042 per ounce by February 13, 2026 [1]. - The recent surge in gold prices has led to a notable increase in consumer interest in both purchasing and holding gold, with many viewing it as a valuable gift for the New Year [6][17]. Group 2: Consumer Behavior and Preferences - Younger consumers are increasingly favoring lightweight, IP-themed, and scenario-based gold products, with small-weight gold jewelry becoming more popular [1][6]. - The trend of "golden nails" or gold-infused nail art has emerged, with consumers willing to spend thousands on such services, indicating a shift in how gold is perceived and utilized [4][6]. Group 3: Gold Recycling and Trade - The demand for gold recycling and trade has surged, with approximately 60% to 70% of gold recycling coming from jewelry, while gold bars account for 30% to 40% [7][17]. - The concept of recycling gold is becoming more accepted, with over 80% of consumers planning to recycle or exchange old gold in the next 1-2 years, reflecting a shift from "hiding gold" to "wearing gold" [16][17]. Group 4: Market Dynamics and Promotions - Major gold retailers are actively promoting their products, with discounts on jewelry prices and special offers on gold bars, making them more attractive for investment purposes [8][10]. - The article notes that the current market conditions, influenced by geopolitical factors, present a favorable opportunity for consumers to invest in gold [8][10].