国际金价回落，有品牌金饰报价重返“8字头”，金价后市走势如何？

Core Viewpoint - Recent decline in international gold prices has led to a significant drop in gold jewelry prices, prompting brands to offer substantial discounts to attract consumers [1][3][4]. Group 1: Gold Price Trends - COMEX gold futures closed at $3247.4 per ounce on May 2, down 7.48% from the April 22 peak of $3509.9 per ounce [1]. - Major jewelry brands have seen their gold prices fall below 1000 yuan per gram, with specific prices reported at 987 yuan for Lao Miao and 998 yuan for brands like Liufu and Chow Tai Fook [3]. Group 2: Consumer Demand and Market Response - The World Gold Council reported a total global gold demand of 1206 tons in Q1 2025, a 1% year-on-year increase, but gold jewelry demand has hit its lowest point since 2020 due to high gold prices [4]. - In China, gold consumption in Q1 2025 was 290.492 tons, a decrease of 5.96% year-on-year, with gold jewelry consumption down 26.85% [4]. Group 3: Future Outlook and Economic Factors - Analysts from CITIC Futures suggest that the core logic driving gold prices upward is the impact of U.S. tariff policies on global supply chains and the dollar-centric monetary system, which may increase demand for gold [5]. - The market anticipates that the Federal Reserve will maintain interest rates at 4.25%-4.50% during the upcoming meeting, with a 97.2% probability of no rate change [5][6].