今天金价：11月18日调整后，全国珠宝店，黄金最新卖价

Core Viewpoint - The divergence between international and domestic gold prices highlights a significant market dislocation, driven by differing influences such as U.S. monetary policy and local demand dynamics [1][3][9]. Group 1: International Gold Market Dynamics - On November 18, international gold prices fell sharply by $39.30, dropping below $4050 per ounce, with a daily decline of 0.96% and intraday volatility exceeding $100 [1][3]. - The recent hawkish signals from the Federal Reserve have diminished market expectations for a rate cut in December, leading to a retreat of bullish investors from the gold market [7]. - The U.S. dollar index rebounded to approximately 99.58, making gold more expensive for holders of other currencies, while the U.S. ten-year Treasury yield remained high at around 4.131%, increasing the opportunity cost of holding gold [7]. Group 2: Domestic Gold Market Resilience - In contrast to international trends, domestic gold prices remained stable, with the Shanghai Gold Exchange reporting prices around 930 CNY per gram, only a slight decrease of 0.02% [3][4]. - Major retailers like Chow Tai Fook maintained their gold jewelry prices at 1305 CNY per gram, reflecting a minimal drop of about 10 CNY from the previous day [4][12]. - The domestic gold market's stability is attributed to strong physical demand, with the People's Bank of China increasing its gold reserves for 12 consecutive months, contributing to a solid price floor [9]. Group 3: Consumer Behavior and Market Segmentation - The price disparity between wholesale and retail gold highlights brand premiums, with wholesale prices at approximately 1073 CNY per gram compared to retail prices exceeding 1305 CNY per gram, indicating a significant markup [6]. - The gold recovery market has seen increased activity, with recovery prices ranging from 915 to 935 CNY per gram, prompting some consumers to liquidate their holdings amid fears of domestic price declines [12]. - The divergence in purchasing channels is evident, as bank gold bars are priced around 950 CNY per gram, significantly lower than retail prices, suggesting a strategic advantage for investment-focused consumers [12][13].