金价震荡下跌 品牌“一口价”的金饰“涨价”依旧如约而至

Group 1 - International gold prices have started to retreat after reaching historical highs, but brands like Laopu Gold have increased prices for gold jewelry, marking the third price hike this year [1] - Laopu Gold's price adjustments have led to significant increases in the prices of several popular gold products, with some rising over 20%, and certain items being out of stock or quickly selling out [1] - Chow Tai Fook plans to raise retail prices of gold products by 12% to 18% by the end of October, indicating a mechanism to monitor gold price fluctuations and adjust prices accordingly [1] Group 2 - Laopu Gold reported a substantial increase in revenue and profit for the first half of 2025, with revenue reaching 12.354 billion yuan, a 251% year-on-year increase, and adjusted net profit at 2.35 billion yuan, a 291% increase [2] - Despite the rapid growth, Laopu Gold's gross margin slightly declined to approximately 38.1% due to the impact of rising gold prices following price adjustments [2] - The recent drop in spot gold prices, which fell nearly 2% to $4,030 per ounce, is attributed to profit-taking by investors after a prolonged increase in gold prices since September [2] Group 3 - Goldman Sachs attributes the current sell-off in gold to speculative position liquidations and spillover effects from the silver market, rather than a deterioration in fundamentals [3] - Structural buying from central banks, ultra-high-net-worth individuals, and long-term asset allocation institutions continues to support gold prices [3] - Morgan Stanley views the recent decline in gold prices as a short-term correction rather than the end of a bull market, with ongoing global central bank purchases and geopolitical risks providing support for gold prices [3]