黄金大跌6%，创4年来最大跌幅！金店卖爆，进门要排队1.5小时

Core Viewpoint - The recent surge in gold prices has led to increased consumer demand for gold jewelry, despite the rising costs, indicating a strong market response driven by both investment and aesthetic values [5][12][14]. Group 1: Market Trends - As of October 21, spot gold prices fell over 6%, reaching $4093.127 per ounce, marking the largest drop in four years, while silver prices dropped by 8.17% to $48.106 per ounce [1]. - In Guangzhou, gold jewelry stores are experiencing high foot traffic, with customers waiting approximately 1.5 hours to make purchases, reflecting strong consumer interest [3]. - Old Puh Gold announced a price adjustment set for October 26, marking its third price change in 2023, while Chow Tai Fook plans to increase retail prices of gold products by 12% to 18% by the end of October [5][11]. Group 2: Consumer Behavior - The demand for gold jewelry remains robust, driven by its dual value as both an investment and a decorative item, appealing to consumers' desire for both beauty and asset preservation [6][10]. - Consumers are increasingly purchasing gold jewelry as a hedge against rising prices, with many viewing it as a more attractive option compared to luxury goods [10][12]. - The popularity of gold jewelry is also attributed to its alignment with contemporary aesthetic trends, making it more appealing to a broader audience [6][12]. Group 3: Company Performance - Chow Tai Fook reported a 4.1% year-on-year increase in retail value for the three months ending September 30, with a notable 11.4% growth in Hong Kong and Macau markets [11]. - Old Puh Gold's revenue for the first half of 2025 reached approximately 12.354 billion yuan, a 251% increase compared to the same period in 2024, indicating a strong recovery in performance [12]. - The World Gold Council noted a decline in gold jewelry demand by 28% year-on-year in the first half of 2025, yet total consumer spending on gold jewelry remained stable at 137 billion yuan, highlighting a shift in consumer spending behavior [12].