三金“手镯变耳环”？“十一”前金价新高

Core Viewpoint - The article discusses the recent surge in gold prices, driven by factors such as expectations of interest rate cuts by the Federal Reserve and a weakening dollar, leading to historical highs in both international and domestic gold prices [3][4]. Gold Market Analysis - As of September 29, 2025, the price of gold reached approximately 1100 yuan per gram in China, an increase of about 400 yuan per gram since the beginning of the year, with a total price increase of 12,000 yuan for a 33-gram gold bracelet [3]. - The COMEX gold futures hit a peak of 3853.5 dollars per ounce, marking a year-to-date increase of nearly 40% [3][4]. - The upcoming "Golden Week" holiday is expected to drive demand for gold jewelry, particularly among newlyweds, despite the high prices [3]. Investment Sentiment - Analysts suggest that the current market sentiment is influenced by both safe-haven demand and speculative investments, with investors facing a dilemma between chasing high prices or securing profits [4]. - The market anticipates that gold prices will continue to rise, supported by factors such as the Federal Reserve's dovish stance and increased central bank purchases [5]. Alternative Precious Metals - The high gold prices are leading to a shift in consumer preferences towards platinum and silver, with platinum prices significantly lower than gold, prompting some consumers to opt for platinum jewelry [5][6]. - Platinum prices have surged, with futures reaching 1650 dollars per ounce, reflecting an 84% increase year-to-date, while silver prices have also risen, surpassing 47 dollars per ounce, a 61.8% increase [5][6]. Market Dynamics - The demand for platinum and silver is increasing, with platinum jewelry sales accounting for 18% of total sales in some stores, up from less than 5% the previous year [6][7]. - The World Platinum Investment Council reported a 10% year-on-year increase in global platinum demand in Q1 2025, indicating a structural undervaluation of platinum in strategic sectors like hydrogen energy and automotive catalysts [7]. Consumer Behavior - Consumers are increasingly inquiring about platinum and silver options, with some opting for combinations of gold, silver, and platinum to manage costs [7][8]. - Industry experts caution that there is a fundamental difference between purchasing precious metal jewelry and investing in precious metals, highlighting the high costs associated with jewelry production and the potential for significant depreciation upon resale [8].