国际金价回落+节日促销，有品牌首饰金报价重返“8字头”

Core Viewpoint - The article highlights the recent decline in gold prices and its impact on the gold jewelry market in China, with significant discounts offered by various brands during the "May Day" holiday period [1][2]. Group 1: Gold Price Trends - International gold prices have recently decreased, with COMEX gold futures closing at $3,247.4 per ounce on May 2, down 7.48% from the peak of $3,509.9 per ounce on April 22 [2]. - Brand jewelry gold prices have generally fallen below 1,000 yuan per gram, with specific brands like Lao Miao quoted at 987 yuan/gram and others like Zhou Dafu at 998 yuan/gram [2]. Group 2: Promotional Activities - Major gold jewelry brands have launched promotional activities during the holiday, with Zhou Dafu offering a 10% discount on specified pricing and a reduction of 60 yuan per gram on certain gold types [3]. - Zhou Dafu's promotional activities are expected to last until June, but may be halted if international gold prices rise significantly [3]. Group 3: Demand for Gold Jewelry - The World Gold Council's report indicates that global gold demand reached 1,206 tons in Q1 2025, a 1% increase year-on-year, but gold jewelry demand has hit its lowest point since 2020 due to high gold prices [5]. - In China, gold consumption in Q1 2025 was 290.492 tons, a decrease of 5.96% year-on-year, with gold jewelry demand dropping by 26.85% to 134.531 tons [5]. Group 4: Future Outlook - Analysts from CITIC Futures suggest that the core logic driving gold prices upward is the impact of U.S. tariff policies on global supply chains and the dollar-centric monetary system, which may lead to increased demand for gold as a reserve asset [5]. - Zhongyin Securities emphasizes the need for investors to closely monitor U.S. Federal Reserve policies, geopolitical situations, and global economic trends to make informed decisions regarding gold prices [6].