实探深圳水贝市场：金价再创新高，商家不敢加仓压货

Core Viewpoint - The article highlights the significant increase in gold prices and the corresponding rise in gold recycling activities, while also noting the cautious behavior of gold merchants in response to market volatility [1][6][10]. Group 1: Gold Price Trends - On December 15, the gold futures price for December 2025 on the New York Commodity Exchange exceeded $4200 per ounce, marking a historical high [1]. - The gold recycling market has become increasingly active, with a notable rise in the volume of gold being recycled [6]. Group 2: Changes in Gold Merchant Operations - In Shenzhen's Shui Bei gold market, gold merchants have become more cautious, adjusting their deposit requirements for transactions [2][4]. - Some platforms have altered their pricing services, with one platform discontinuing its pricing service and transferring functionalities to a partner platform [5]. Group 3: Consumer Behavior and Market Dynamics - Consumers are actively evaluating the value of their gold holdings, with many opting to sell their gold due to rising prices [7]. - Reports indicate that gold recycling volumes have surged, with one store experiencing a nearly 20% month-on-month increase in recycling volume since October [8]. - The price difference for gold recycling in the Shui Bei market has widened to around 30 yuan, compared to the previous range of 10 to 15 yuan [9]. Group 4: Market Risks and Future Outlook - Industry experts express concerns about potential rapid price declines, which could lead to significant losses for merchants holding inventory [9]. - Analysts suggest that the overall upward trend for precious metals remains intact, driven by factors such as the beginning of a Federal Reserve rate cut cycle and ongoing liquidity expansion [10].