金价高位横盘，“黄金平替”成市场新宠

Core Insights - Gold prices have been fluctuating around the historical high of $3500 per ounce for over three months without significant movement, while platinum and silver prices have seen much larger increases [1] - The retail market for platinum and silver is expanding, with silver jewelry prices averaging around 15 yuan per gram, and sales of silver bars increasing by 20% compared to June [1][3] - The rise in platinum prices has led to a 30% year-on-year increase in monthly sales of platinum jewelry since May, with younger consumers prioritizing design and cost-effectiveness [3][4] Market Dynamics - The recovery mechanisms for gold and platinum differ, with platinum being bought back at a price approximately 30 yuan lower than the selling price, while gold is bought back at 20 yuan lower without additional discounts [4] - Deutsche Bank predicts that the strong fundamentals for platinum will continue until 2026 due to a four-year supply deficit and structural demand [4] - Consumers are currently waiting for gold prices to drop, showing a preference for purchasing gold nuggets and small gold bars due to lower processing fees and easier resale [4] Consumer Behavior - Many retailers are utilizing live streaming platforms to sell silver jewelry, with some prices being suspiciously low, indicating potential quality issues [3][5] - A price point of 800 yuan per gram is seen as a critical threshold for consumers, with some retailers offering lower prices to attract sales [5]