金价突然大跳水！批发跌零售坚挺，黄金行情要已经变天了！

Core Viewpoint - The gold market experienced a significant drop in international prices, with a decline of over $140 in a single day, yet retail prices for gold jewelry remained stable or even increased, highlighting a disparity between wholesale and retail markets [1][4][12]. Group 1: Market Dynamics - On February 25, 2026, international gold prices fell sharply from a high of $5237.71 per ounce to a low of $5093.17, marking a drop of 1.75% [1]. - In the domestic market, Shanghai Gold Exchange reported a slight decline in gold T D products and futures contracts, with prices at 1146 yuan per gram and 1148.14 yuan per gram, respectively [3]. - Despite the drop in wholesale prices, major retail brands like Chow Sang Sang and Lao Feng Xiang maintained prices around 1565-1570 yuan per gram, with some even increasing prices slightly [4]. Group 2: Consumer Behavior and Pricing Strategy - The demand for gold jewelry, particularly for weddings, creates a rigid consumer need that supports retail prices despite fluctuations in gold prices [4]. - Retail prices for gold jewelry include not only the cost of gold but also craftsmanship, brand premiums, and other operational costs, making them less sensitive to changes in raw material prices [4][5]. - Retailers employ a pricing strategy that does not immediately adjust to changes in raw material costs, providing consumers with price stability and reducing the frequency of price changes [5]. Group 3: Market Influences - The sharp decline in gold prices was influenced by profit-taking after a rapid increase in prices, as well as changing expectations regarding the Federal Reserve's interest rate policies [7][8]. - Market sentiment shifted as the probability of a rate cut by the Federal Reserve decreased, leading to a stronger dollar and pressure on gold prices [8]. - The disparity between wholesale and retail prices reflects the added value of branding and craftsmanship in the retail market, with wholesale prices significantly lower than retail prices [10]. Group 4: Long-term Outlook - Financial institutions like UBS and Goldman Sachs have set optimistic long-term price targets for gold, with UBS projecting $6200 per ounce and Goldman Sachs estimating around $5500 by year-end, indicating a complex market sentiment [10]. - The volatility observed in the gold market illustrates its dual nature as both an investment asset influenced by macroeconomic factors and a consumer good supported by cultural demand [12].