从1022元到1436元：一克黄金为何有六种价格？带你穿透市场迷雾

Core Insights - The gold market on January 18, 2026, displayed significant price discrepancies, with values ranging from 1022 to 1436 yuan per gram, highlighting the complexity of the physical gold market and its pricing logic [1] Price Layers - The gold market consists of three distinct price layers: - The first layer is the raw material and investment benchmark price, approximately 1022-1035 yuan per gram, determined by macroeconomic factors such as global supply and demand, the US dollar index, and interest rate expectations [3] - The second layer includes wholesale and recycling prices, around 1186 yuan per gram for wholesale and 1015 yuan per gram for recycling, reflecting the costs associated with processing and the profit margins of wholesalers [4] - The third layer is the brand retail price, ranging from 1395 to 1436 yuan per gram, which incorporates brand value, design costs, and after-sales services, leading to a significant premium over the base gold price [6] Market Behavior Changes - Consumer behavior is shifting towards a more calculated approach, with younger buyers focusing on cost-effectiveness and opting for smaller, high-design products or purchasing through wholesale markets to minimize brand premiums [6] - Investors are increasingly recognizing that brand jewelry stores are not suitable for investment, preferring bank gold bars and gold ETFs that are closer to the base gold price and offer better liquidity [6] - Brands are enhancing non-price competition by improving design, strengthening intellectual property collaborations, and offering lifetime warranties to justify their price premiums in a transparent pricing environment [6] Decision-Making Guidance - For investors, it is crucial to monitor the Shanghai gold Au9999 or futures prices, with a preference for bank investment gold bars or gold ETFs to minimize premiums and ensure convenient recycling options [8] - For consumers with wedding needs, it is advisable to set a budget and accept premiums for craftsmanship and brand, employing a combination strategy to balance cost and quality [8] - For those considering recycling, it is essential to understand the pricing from various gold stores and banks, as recycling prices typically reflect a discount from the base gold price [8]