金价“又双叒”创新高，还买吗？

Core Insights - Gold prices have surged, reaching a historical high of $3689.56 per ounce on September 16, with a year-to-date increase of nearly 40%, marking one of the steepest annual rises in gold's history [3][5] - Consumer behavior is shifting as gold jewelry sales decline, with a notable increase in demand for gold bars, reflecting a preference for investment over adornment [5][6] Price Trends - As of September 16, the price of gold jewelry has risen significantly, with brands like Chow Sang Sang and Luk Fook Jewelry reporting prices exceeding 1087 yuan per gram, up from around 800 yuan per gram at the beginning of the year [4][5] - The price difference for a specific gold bracelet has increased by 6569.28 yuan from January to September, indicating a substantial cost increase for consumers [4] Consumer Behavior - The demand for gold jewelry has decreased, with a reported 26% drop in gold jewelry consumption in the first half of 2025, while gold bars have seen a 23.69% increase in consumption [5] - Consumers are increasingly opting for gold bars due to lower associated costs and better resale value, with banks reporting a rise in high-net-worth clients purchasing gold in bulk [5][6] Banking Sector Response - Major banks, including Bank of China and Agricultural Bank of China, have adjusted their precious metals business, increasing investment thresholds and modifying margin requirements in response to rising gold prices [6][7] - The Shanghai Gold Exchange has also implemented changes to margin levels and trading limits for gold and silver contracts to mitigate market risks [6] Investment Trends - There is a growing trend of investors considering loans and credit cards for gold investments, prompting banks to issue warnings against such practices due to regulatory restrictions [7][8] - Financial institutions are encouraging a more cautious approach to gold investment, suggesting that households allocate 10% to 15% of their assets to physical gold while recommending safer investment vehicles [8]