2月21日金价，黄金狂飙破纪录！国内金价却分化，买金必看

Core Viewpoint - The international gold market experienced a significant surge, with gold prices exceeding $5100 per ounce, while domestic gold prices in China showed a contrasting trend, leading to a price disparity across different markets [1][3][18]. Group 1: International Gold Market - As of February 21, 2026, the London gold price reached $5104.24 per ounce, with COMEX futures even higher at $5122.80 per ounce, indicating a strong bullish trend in the international precious metals market [3]. - The surge in international gold prices is attributed to escalating geopolitical risks, particularly tensions in the Middle East, and weak U.S. economic data, which have driven safe-haven investments into gold [6][17]. - The U.S. dollar index's decline has further supported gold prices, as a weaker dollar increases the attractiveness of gold as an investment [6][17]. Group 2: Domestic Gold Market - Domestic gold prices in China, specifically the Shanghai Gold Exchange's T+D contract, fell to 1108.5 yuan per gram, reflecting a decrease of 1.47% despite the international price surge [3][7]. - The retail price of gold jewelry in major brands like Chow Tai Fook and Chow Sang Sang reached 1560 yuan per gram, creating a significant price gap compared to international prices [4][10]. - The domestic market's inability to keep pace with international price movements is primarily due to a trading halt during the Chinese New Year, which prevented real-time price adjustments [7][14]. Group 3: Price Disparities and Consumer Behavior - The price of gold in the wholesale market, particularly in Shenzhen's Shui Bei area, is around 1300 yuan per gram, indicating a lower cost structure compared to retail prices [4][10]. - The difference in pricing across various channels (investment bars, retail jewelry, and wholesale) is influenced by additional costs such as craftsmanship, brand premiums, and operational expenses [9][10][20]. - Consumer sensitivity to price varies, with those purchasing for weddings focusing on design and brand, while investors prioritize the liquidity and premium of investment gold bars [20]. Group 4: Market Dynamics and Future Outlook - The anticipated reopening of domestic markets post-holiday is expected to lead to a price adjustment, with predictions of a 30 to 40 yuan per gram increase to align with international prices [14]. - Institutional investor behavior, particularly in gold ETFs, has shown a cautious stance, indicating a wait-and-see approach amidst price volatility [15][17]. - Central bank gold purchases continue to provide long-term support for gold prices, with China's reserves showing consistent growth [17].