金饰破1200元/克！年内暴涨400元，你还敢买吗？

Core Viewpoint - The price of gold jewelry in China has surged significantly, with major brands now pricing gold at over 1200 RMB per gram, reflecting a substantial increase from around 800 RMB at the beginning of the year. This rise is attributed to various factors including geopolitical tensions, central bank purchases, and currency fluctuations [1][2][3][4]. Price Trends - Major gold brands such as Lao Miao, Chow Tai Fook, and others have seen their prices reach between 1206 and 1218 RMB per gram, marking an increase of approximately 400 RMB per gram within a year [1]. - The price of gold jewelry has consistently followed international gold price trends, with the Shanghai Gold Exchange's Au9999 spot gold price also rising in tandem [1]. Driving Forces Behind Price Increase - Safe-Haven Demand: Ongoing geopolitical conflicts and fluctuating monetary policies have led to increased demand for gold as a traditional safe-haven asset, with global gold ETF holdings experiencing net inflows for five consecutive months [2][3]. - Central Bank Purchases: According to the World Gold Council, global official gold reserves increased by over 800 tons in the first three quarters of 2025, with emerging market central banks being the primary buyers. China's central bank has also been on a trend of continuous gold accumulation [3]. - Currency Impact: The cost of imported gold has risen, which directly affects the gold price in RMB, contributing to the overall increase in jewelry prices [4]. Market Dynamics - The pricing structure of gold jewelry includes the base gold price, processing fees, brand premiums, and taxes. As the base gold price rises, it becomes challenging for brands to lower their prices, leading to higher consumer costs [6]. - Despite the rising prices, sales of gold jewelry have not necessarily declined. Some consumers are opting to purchase gold as a form of investment, with a notable increase in gold bar purchases and a rise in gold recycling activities [6]. Consumer Behavior - The perception of gold jewelry is shifting from a decorative item to an investment, with consumers increasingly viewing their purchases as a form of savings. This change in mindset is reflected in the rising demand for gold bars and the increased interest in recycling old gold [6][8].