美国总统特朗普提名凯文·沃什（Kevin Warsh）出任美联储主席，引爆市场鹰派预期，贵 金属遭恐慌抛售。 自北京时间1月30日下午开始，黄金、白银价格便出现大幅波动，至北京时间1月31日凌晨 抛售更为汹涌。Wind数据显示，现货白银价格盘中一度暴跌35.89%，现货黄金价格一度 下跌12.92%，盘中跌穿每盎司4700美元，最低触及4682美元/盎司。 Wind数据显示，截至收盘，现货黄金报4880.034美元/盎司，下跌9.25%，创1980年4月 1日以来最大单日跌幅，回吐本周所有涨幅。 现货白银周五收跌26.42%，创1983年2月28日以来最大单日跌幅，报85.259美元/盎司。 记者了解到，实体金店一般购买离柜后就不接受退款退货。线上方面退货规则相对复杂，不 同平台和品牌有所区别。大多数平台和品牌都不接受投资金类产品如金币、金条的退货；针 对黄金首饰，部分品牌提出了签收后24-48小时内退货的限制（需不影响二次销售）。 面对市场波动剧烈可能产生的摇摆心理，部分品牌/平台设置了相关退货规定：生成物流单 号/发货后再退款，需扣除订单金额1-5%的手续费及快递运保费。部分品牌如融通金表 示，金条付款成 ...

Core Viewpoint - The gold jewelry prices have experienced significant fluctuations, with major brands showing a marked divergence in price movements following a sharp decline in gold prices. Group 1: Price Movements - On January 30, gold experienced its largest single-day drop in 40 years, while silver saw its largest intraday drop in history [1] - Major gold jewelry brands' prices mirrored international gold price trends, with a notable increase followed by a rapid decline [1] - Chow Tai Fook's gold jewelry price dropped from 1706 CNY/gram on January 29 to 1625 CNY/gram by January 31, a total decrease of 81 CNY over two days [1] - Chow Sang Sang's price fell from 1708 CNY/gram on January 29 to 1618 CNY/gram by January 31, a total decrease of 90 CNY [1] Group 2: Brand-Specific Price Changes - Some brands, despite price declines, remained higher than their prices on January 28; for instance, Chow Tai Fook's price on January 31 was 1625 CNY/gram, compared to 1618 CNY/gram on January 28 [1] - Liufeng Jewelry's price peaked at 1704 CNY/gram on January 29, then fell to 1623 CNY/gram by January 31, still higher than its January 28 price of 1616 CNY/gram [1] - Lao Feng Xiang's price saw a significant drop of 170 CNY on January 31, falling from 1713 CNY/gram on January 29 to 1498 CNY/gram, which is 215 CNY lower than its historical high [2]

Core Viewpoint - The gold jewelry market is experiencing significant price fluctuations, with major brands showing varied responses to changes in gold prices, leading to a notable decline in prices after reaching historical highs [1][4]. Price Fluctuations - On January 29, major gold jewelry brands saw prices exceed 1700 yuan per gram, marking a historical peak. However, by January 30, prices began to drop sharply, with significant declines observed over the following days [1]. - For instance, Chow Tai Fook's price fell from 1706 yuan per gram on January 29 to 1625 yuan per gram by January 31, a total drop of 81 yuan [1]. - Similarly, Chow Sang Sang's price decreased from 1708 yuan per gram to 1618 yuan per gram in the same period, resulting in a 90 yuan drop [1]. Brand-Specific Trends - Different brands exhibited varying degrees of price adjustments. For example, Lao Feng Xiang's price dropped significantly from 1713 yuan per gram on January 29 to 1498 yuan per gram by January 31, a total decline of 215 yuan [4]. - In contrast, some brands like Chow Tai Fook and Liufuk Jewelry maintained higher prices compared to their levels on January 28, despite the recent declines [4]. Market Dynamics - The gold jewelry market is entering a phase characterized by inventory competition, value stratification, and functional integration, with a noticeable K-shaped market differentiation [8]. - Investment-grade gold jewelry is more sensitive to gold price fluctuations, while fashion-oriented pieces are less affected [8]. - The shift in consumer behavior indicates a transition from traditional purchasing motivations to a focus on personal consumption and asset hedging, with younger consumers showing interest in smaller, lighter gold products [8]. Global Demand Trends - According to the World Gold Council, despite a decline in gold jewelry demand volume in 2025, the total value of global gold jewelry demand increased by 18% year-on-year, reaching a record 172 billion USD, indicating sustained consumer interest in gold jewelry [9].

Group 1 - The core point of the article is the significant drop in gold prices, both internationally and domestically, leading to a sharp decline in jewelry gold prices in China [1][6]. - On January 31, the gold price from Lao Miao was reported at 1546 RMB per gram, down 144 RMB from 1690 RMB per gram on January 30 [1]. - Lao Feng Xiang reported a price of 1498 RMB per gram, a decrease of 170 RMB from 1668 RMB per gram on January 30 [1]. - Chow Tai Fook's price was adjusted to 1625 RMB per gram, down 60 RMB from the previous day, with a total decrease of 81 RMB over two days [1]. - The price for Zhou Sheng Sheng was 1618 RMB per gram, showing significant fluctuations in the past two days, with a peak of 1708 RMB per gram on January 29 [1]. Group 2 - On January 30, both futures and spot gold prices experienced a sharp decline, with London gold falling below 4900 USD per ounce, marking a drop of 9.25%, and COMEX gold also dropping over 9% [6]. - This decline represents the largest single-day drop in nearly 40 years for both spot and futures gold prices [6]. - The drastic price drop has sparked discussions on social media, with multiple topics trending related to the gold market's volatility [6]. Group 3 - Following the price drop, many investors opted to sell their gold holdings, with reports of long queues at gold trading venues, indicating a higher number of sellers than buyers [9][11]. - A notable incident involved a woman selling gold bars that she had purchased at an average price of 300 RMB, which also gained attention on social media [9]. - Observations from various locations indicated that the selling activity was significantly higher than buying, with people lining up to sell their gold [11][12].

Core Viewpoint - The nomination of Kevin Warsh as the Federal Reserve Chairman by President Trump has triggered hawkish market expectations, leading to a panic sell-off in precious metals, with gold experiencing its largest drop in 40 years and silver hitting a historic intraday decline [1][3]. Group 1: Market Reactions - Gold prices fell over 12%, reaching a low of $4682 per ounce, marking the largest single-day drop since the early 1980s, and closed down 9.25% at $4880 per ounce [1]. - Silver saw a dramatic decline of over 36%, with an intraday low of $74.28 per ounce, ultimately closing down 26.42% at $85.259 per ounce [3]. - Domestic gold jewelry prices also plummeted, with major brands reporting significant price drops, such as Chow Sang Sang's gold price falling from 1708 RMB per gram to 1543 RMB per gram within two days [5]. Group 2: Market Sentiment and Trading Dynamics - The sharp decline in gold prices has led to a cautious market sentiment, with many traders and consumers adopting a wait-and-see approach, resulting in a significant drop in transaction volumes [7]. - Analysts attribute the sell-off to profit-taking pressures accumulated from previous gains, the announcement of the Fed Chairman, and the cascading effect of leveraged positions being liquidated [9]. - The market is currently trading based on "Warsh's hawkish expectations," which has contributed to a stabilization of the dollar and a subsequent decline in gold and silver prices [9]. Group 3: Trading Conditions and Regulations - Major precious metal exchanges have raised margin requirements for gold futures trading, increasing the financial pressure on high-leverage traders [10]. - The decline in precious metal prices has triggered a cycle of forced selling, where stop-loss orders are activated, leading to further price drops and additional margin calls [10]. - The legal framework surrounding gold purchases indicates that physical gold items generally do not qualify for a seven-day return policy, complicating consumer options in a volatile market [18].

编辑丨江佩霞 视频丨许婷婷 1月31日凌晨，恐慌性抛售席卷全球贵金属市场，金价失守5000美元大关。 截至收盘，COMEX黄金期货当月连续合约下跌447.30美元，跌幅8.35%，报4907.5美元/盎 司。现货黄金下跌近500美元，跌幅9.25%，报4880美元/盎司。 | 贵金属 【之 | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 4880.034 | 85.259 | 4907.5 | | -497.126 -9.25% | -30.607 -26.42% | -447.3 -8.35% | | COMEX白银 | SHFE黄金 | SHFE自银 | | 85.250 | 1079.28 | 24832 | | -29.179 -25.50% -117.64 -9.83% | | -5087 -17.00% | 资料图 受此影响， 1月31日，国内金饰价格也纷纷下跌，部分品牌金饰克价较前一日跌超100元。 记者丨 毕凤至 黄金为何在此时点出现"闪崩"？后市怎么走？ 据中国证券报，资深市场分析人士认为，这是多重因素叠加后的情绪集中宣泄。 首先是 ...

Core Viewpoint - A significant sell-off in the global precious metals market occurred, leading to a sharp decline in gold and silver prices, with gold dropping below $5000 per ounce and silver experiencing a dramatic fall of 36% at one point [1][4]. Group 1: Market Reactions - Spot gold prices fell by 9.52% to $4865 per ounce, with intraday losses exceeding 12% [1]. - Spot silver saw a decline of 26.9%, closing at $84.7 per ounce, while platinum and palladium dropped by 17.59% and 14.89%, respectively [1]. - Domestic gold jewelry prices also fell significantly, with brands like Chow Sang Sang and Lao Feng Xiang reporting daily declines of over 100 yuan per gram [4]. Group 2: Influencing Factors - The potential nomination of Kevin Warsh as the next Federal Reserve Chairman has raised concerns about a more hawkish monetary policy, which could suppress market expectations for further interest rate cuts [5][6]. - Market analysts suggest that the sell-off may be attributed to forced liquidation due to high leverage among traders, particularly in silver, which has been popular among day traders [6] [5]. - The market is reacting to the prospect of a stronger dollar and the implications of Warsh's potential nomination on the dollar's stability and the dynamics of currency depreciation trades [6]. Group 3: Future Outlook - Analysts from China International Capital Corporation (CICC) believe that the gold bull market may not be over, despite current volatility, as the Federal Reserve's policies and the U.S. economy have not yet reached a turning point [10]. - Predictions indicate that by early 2026, inflation in the U.S. may continue to rise, potentially leading to a slowdown in the Fed's easing measures, which could exert temporary pressure on gold prices [10]. - The outlook for silver is expected to be more volatile than gold due to its smaller market size and lower liquidity, which may lead to larger price fluctuations [10].

北京时间2026年1月30日晚，黄金创下近40年最大单日跌幅，最高跌超12%。受国际金价影响，今日国内黄金饰品价格继续回调： 周生生官网发布数据显示，今日足金饰品报1618元/克，该店于29日足金饰品报1708元/克， 两日跌去90元/克。 | 周生生 PROMESSA | MINTYGREEN | 周主生 (how Sang Sang EMPHASIS | MARCO BICEGO | 劳力士 | 帝舵表 | | --- | --- | --- | --- | --- | --- | | | | | | | 金价(人民币) | | 足金饰品(每克 ) | | 卖出 | | | 末1618 | | | | 换金价 | | | ¥1377 | | | | 换珠宝价 | | | ¥1377 | | 950铂金饰品 (每克 ) | | 卖出 | | | *916 | | | | 换金价 | | | ¥735 | | 生生金宝 (每克 ) | | 卖出 | | | ¥1418 | 老凤祥上海会员中心小程序发布数据显示，今日足金饰品报1498元/克，该店于29日足金饰品报1713元/克， 两日跌去215元/克。 老庙黄 ...

1月31日，北京时间2026年1月30日晚，黄金创下近40年最大单日跌幅，最高跌超12%，受国际金价影响，今日国内黄金饰品价格继续回调： 周生生官网发布数据显示，今日足金饰品报1618元/克，该店在29日足金饰品报1708元/克，两日跌去90元/克。 单位 □ HB 和小志忧 口 A // | | 周生生 (how Sang Sang | | | | | | --- | --- | --- | --- | --- | --- | | 周生生 PROMESSA | MINTYGREEN EMPHASIS | | MARCO BICEGO | 劳力士 | 帝舵表 | | | | | | | 金价(人民币) | | 足金饰品(每克) | | 卖出 | | | *1618 | | | | 换金价 | | | ¥1377 | | | | 换珠宝价 | | | ¥1377 | | 950铂金饰品 (每克 ) | | 卖出 | | | *916 | | | | 换金价 | | | ¥735 | | 生生金宝(每克 ) | | 卖出 | | | ¥1418 | 老凤祥上海会员中心小程序发布数据显示，今日足金饰品报1498元/ ...

Group 1 - The nomination of Kevin Warsh as the Federal Reserve Chairman has triggered hawkish market expectations, leading to a panic sell-off in precious metals [1] - Gold experienced its largest drop in 40 years, with spot prices falling over 12% to a low of $4682 per ounce, and closing down 9.25% at $4880 per ounce [1] - Silver saw a historic intraday drop of over 36%, reaching a low of $74.28 per ounce, and closing down 26.42% at $85.259 per ounce [3] Group 2 - Domestic gold jewelry prices have fluctuated significantly, with major brands like Chow Sang Sang and Lao Feng Xiang reporting sharp declines in gold prices, dropping by 140 CNY per gram overnight [5] - Market sentiment has turned cautious, with a significant decrease in transactions as consumers are uncertain about pricing and discounts [7] - Analysts suggest that ordinary residents should avoid speculative investments in gold and maintain a balanced investment strategy [7] Group 3 - The sharp decline in gold prices is attributed to profit-taking pressures, the announcement of the Fed Chairman candidate, and the effects of leveraged trading [8] - The market is currently trading on "hawkish expectations" due to Warsh's nomination, which is stabilizing the dollar and contributing to the drop in gold and silver prices [8] - High leverage positions in the futures market are being liquidated, exacerbating downward pressure on prices [9] Group 4 - Major exchanges have raised margin requirements for gold futures trading, increasing pressure on leveraged traders [9] - A cycle of forced selling has emerged, where price drops trigger stop-loss orders, leading to further declines [9] Group 5 - Retail gold stores generally do not accept returns on gold bars and jewelry after purchase, with online platforms having complex return policies [10][12] - Consumers have reported experiences of being charged high fees for returns, with some platforms not clearly communicating these fees [14] - Legal perspectives indicate that gold jewelry and bars purchased in-store are generally not eligible for a no-reason return policy [16] Group 6 - Major banks in China, such as China Construction Bank and Industrial and Commercial Bank of China, are adjusting their gold accumulation business, raising minimum investment amounts and implementing limits on transactions [18][20]