Core Viewpoint - The trust of end consumers in the narrative of "gold as a store of value" is being tested due to recent fluctuations in gold prices and the pricing strategies of jewelry brands [2][4]. Group 1: Price Fluctuations and Consumer Behavior - On December 30, international gold prices closed at $4,340.13 per ounce, while domestic gold jewelry prices saw significant declines, with brands like Chow Tai Fook and Lao Feng Xiang dropping over 40 yuan per gram [2]. - In mid-December, brands such as Chow Tai Fook announced price increases of around 15% for their products, indicating a trend of rising prices prior to the recent drop [2]. - The volatility in international gold prices is increasingly impacting the trading dynamics of the gold jewelry market, with sales personnel often not fully disclosing the risks associated with price fluctuations [4]. Group 2: Consumer Sentiment and Market Dynamics - Consumers exhibit irrational behavior characterized by "buying high and selling low," driven by narratives of inflation resistance and risk aversion during price surges, leading to increased purchasing intentions [4]. - When prices decline, consumer sentiment shifts to a wait-and-see approach, resulting in behaviors such as order cancellations and delays in product pickup [4]. - The pricing mechanism of gold jewelry brands typically involves "raw material cost + processing fee + brand premium," leading to rapid price increases during gold price surges, while adjustments during price declines are more cautious due to inventory costs and consumer expectations [5]. Group 3: Trust Issues and Market Positioning - The price stickiness in the market can lead to consumers feeling "stuck" after purchasing at high prices, which undermines their trust in the narrative of gold as a reliable store of value [5]. - If brands continue to market gold jewelry as a value-preserving asset, a decline in gold prices could trigger a demand shrinkage and a crisis of trust among consumers [5].

2025.12. 31 本文字数：1146，阅读时长大约2分钟 作者 | 第一财经 宋婕 终端消费者对"黄金保值"叙事的信任度还有多高？ 12月30日，国际金价震荡收涨，报收于4340.13美元/盎司。当天，国内多家品牌的金饰克价集体 大跌。其中，周大福、老凤祥、周六福和老庙黄金均跌超40元/克，周生生更是跌超50元/克。 近几月，国内多品牌的金饰克重价格调整多以上调为主。12月中旬，周大福等品牌还宣布了调整旗 下定价款产品的售价，涨幅15%左右。纵观国内品牌金饰价格在今年的价格变化，这一集体大跌的 景象较为少见。 12月24日，国际现货黄金突破4500美元／盎司，创历史新高。那几天时间里，第一财经记者走访广 州多家品牌金饰门店，当记者以消费者身份咨询时，有品牌店工作人员直接表示："最近生意比较 好，来看款的人也多了。加上微信之后，问每天金价情况或者具体什么款式时，你得主动来找我，我 没时间主动给你们发信息的。" 第一财经记者了解到，国际金价波动对金饰市场交易冷热的影响在增强，这一趋势从门店销售人员话 术里可以窥见。部分金饰品牌的销售人员在推荐产品时，并未向消费者充分告知金价波动风险，反而 把金价上涨包装成为 ...

国际金价波动对金饰市场交易冷热的影响在增强。 第一财经记者了解到，国际金价波动对金饰市场交易冷热的影响在增强，这一趋势从门店销售人员话术里可以窥见。部分金饰品牌的销售人员在推荐产品 时，并未向消费者充分告知金价波动风险，反而把金价上涨包装成为"拖一天就多出一些钱"，把金价回调说成"涨价前的倒车接人"。国际金价涨的时候，直 接催客户"抓紧时间"。国际金价回调的时候，就表示品牌产品定价不直接跟国际金价挂钩。 盘古智库高级研究员江瀚在接受第一财经记者采访时表示，当前国际金价波动对金饰市场交易冷热的影响确实在增强，这源于信息透明化与社交媒体放大效 应，使金价变动更快传导至消费端情绪。消费者行为呈现出"追涨杀跌"的非理性特征，金价上涨时，受"抗通胀""避险"等宣传驱动，购买意愿激增。而一旦 回调，观望情绪迅速升温，甚至出现退订、延期提货等现象。这种非理性背后反映的是金饰产品定位模糊，既非纯粹消费品，又非标准金融资产，导致消费 者在决策时易受短期价格波动干扰。 "涨的时候怕再错过，跌的时候又想抄底。"有消费者向第一财经记者表示，近两月金价波动较大，有购金意向的她自10月开始就在观望，近几天看到金价大 跌的消息，倾向于再持 ...

"亏大了！"广东，一家珠宝店走进来一位东北大姨，大姨拿出一个50克的金子想让店员帮忙看一下，不料，店员看到收据上日 期写着1984年，直接惊讶表示：大姨你好有钱啊！可网友帮忙算了一笔账后，发现过了这么多年，大姨并没有赚到 点击输入图片描述（最多30字） 收据显示，大姨的这块黄金当初是1984年在长春的一家国营金店购买的，当时的金价是47元/克，大姨买了50克，一共花了 2350元，要知道当初的2000多元和现在的2000多元，完全是两个概念，所以店员看到第一眼，就是夸赞阿姨好有钱。而大姨也 是笑着比剪刀手回应 点击输入图片描述（最多30字） 还有网友说：1984人均月工资也就三四十块钱，现在2025年人均月工资差不多三四千块，也就是1984年的2000块相当于现在的 20万，也就是说相当于用20万买了50克黄金，阿姨亏死了 这种算账方式挺扎心，如果把钱换成黄金"存"起来，这四十年间的增值速度，远远赶不上现在整体收入和物价的上涨速度。黄 金能保值，但并没有跑赢时代的涨幅 按账面看，大姨确实没赚，但你换个角度想，这块金子陪她走了四十年，从年轻到现在，不管风吹雨打，它就安安静静在那 儿，这本身就是一种价值 点击输入 ...

01 这两年，大概不少人都掐自己，以前应该多搞点黄金啊。 它代表着——财富、权力、尊贵、荣耀、力量、永恒、神圣、纯洁、不朽，也潜藏着血泪、杀戮、阴谋、罪恶。 人类迷恋黄金，为之哭笑、疯狂，被其征服，采金、淘金、藏金、夺金的故事，无穷无尽。 人，活着时要佩戴黄金，死后也要它永久陪伴。在非常古老的墓穴中，黄金就已成为逝者的陪葬品。 古希腊"抒情诗人之首"品达有句名言：黄金是宙斯之子，蛀虫与铁锈都无法侵蚀之，但人的灵魂却被这至高无上的财富所侵蚀。 02 金，元素周期表第79号元素。符号Au，源于Aurora，意为光彩夺目的黎明。 它恒定不灭，硬度适中，是化学性质最稳定的金属之一。 亮丽的天然色泽永久不变，抗氧化、防潮湿、耐腐蚀、防霉变、防虫咬、防辐射。考古出土的金器，几乎是唯一"埋进去啥样，发掘出来 还是啥样"的物品。 金的熔点为1064℃，沸点为2836℃，是极少数在高温下不与氧发生化学反应的金属，正所谓真金不怕火炼。 20 a 3 a - 9 - 1 o 0 123 12 8 5 27 2017 03 其可塑性强，1克黄金可拉成3000米长的金丝，也能够被压成0.1微米厚的金箔。人们只需2克金箔就能给1平方米的 ...

Core Viewpoint - The global capital market is experiencing a split regarding U.S. Treasury bonds, with China significantly reducing its holdings while Japan and the UK are increasing theirs, reflecting a re-evaluation of dollar asset risks and a restructuring of global foreign exchange reserves [1][3][22]. Group 1: China's Actions - China has sold off $60.3 billion in U.S. Treasuries in the first three quarters of the year, reducing its holdings to $700.5 billion, nearly halving its peak position from 2011 [4][6]. - Since the peak, China has sold off 46% of its U.S. Treasury holdings, indicating a strategic shift in response to U.S. economic fundamentals and geopolitical tensions [6][8]. - The reduction in U.S. Treasury holdings is part of a broader strategy to diversify foreign exchange reserves, with gold becoming a key asset, as China's gold reserves reached 2,304.4 tons, marking a continuous increase over 12 months [8][10][11]. Group 2: Japan and the UK's Position - Japan and the UK have collectively increased their U.S. Treasury holdings by over $200 billion, with Japan's holdings reaching $1.1893 trillion, making it the largest foreign holder of U.S. debt [3][14]. - Japan's increase in holdings is seen as a passive response to its geopolitical ties with the U.S., while the UK has actively increased its holdings by $124.8 billion in nine months, reflecting a strategic alignment with U.S. interests [14][16][17]. - Despite the increases from Japan and the UK, their combined holdings only account for 5.4% of the total U.S. Treasury market, highlighting the limited impact on the overall debt situation [19]. Group 3: U.S. Debt Situation - As of September, foreign investors hold $9.249 trillion in U.S. Treasuries, which is only 24.3% of the total, indicating a shift towards domestic consumption of U.S. debt [20]. - The Federal Reserve's policies, including potential future actions to expand its balance sheet, are critical factors influencing the U.S. Treasury market, with concerns about the sustainability of the "debt-for-debt" model [20][22]. - The rapid increase in U.S. debt from $36 trillion to $38 trillion in just nine months raises concerns among global investors about the long-term viability of U.S. Treasuries [22][24].

Core Viewpoint - The introduction of the new gold tax policy has significantly impacted the gold market, causing fluctuations in gold prices and altering consumer purchasing behavior [1][2]. Market Reaction - Domestic gold prices initially broke through the 1000 yuan per gram mark but have since retreated to around 920 yuan per gram, remaining at a high level [2]. - The new tax policy has increased the cost of purchasing physical gold, as the pricing structure has changed to include a 7% tax on the gold price [2][14]. - Consumer sentiment has shifted, with many adopting a wait-and-see approach due to the uncertainty surrounding the new tax implications [14][15]. Consumer Behavior - Consumers with urgent needs, such as those purchasing gold for weddings, have acted quickly to secure their purchases before the tax policy took effect [3][6]. - Some consumers, like Chen, have slowed their investment pace, opting to observe market trends and price adjustments before making further purchases [10][15]. - There is a notable trend of consumers selling off idle gold jewelry to capitalize on current high prices, reflecting a shift in strategy in response to market changes [15][16]. Investment Sentiment - Despite the new tax policy, there remains a strong belief in gold's value as a long-term investment, with consumers planning to buy more when prices stabilize [15][16]. - The market is witnessing a diversification in investment strategies, with some consumers considering alternatives like gold funds or paper gold due to the increased costs associated with physical gold [15].

Core Viewpoint - The introduction of the new gold tax policy has significantly impacted the gold market, leading to increased prices and altered consumer behavior, with many adjusting their purchasing strategies in response to the changes [1][11]. Group 1: Market Reactions - Domestic gold prices fluctuated, initially breaking the 1000 yuan per gram mark before retreating to around 920 yuan per gram, indicating a high price level despite recent volatility [1]. - The new tax policy has raised the cost of purchasing physical gold, as the pricing structure has changed to include a 7% tax on the gold price, directly affecting consumer purchasing decisions [1][10]. - Consumers are exhibiting varied responses, with some rushing to buy gold before the tax implementation, while others are adopting a wait-and-see approach due to the uncertainty surrounding future price movements [1][10][11]. Group 2: Consumer Behavior - Consumers with urgent needs, such as those purchasing gold for weddings, are still making purchases despite the tax, as seen with individuals like Huang and Gao, who successfully bought gold before the tax was enacted [3][11]. - Investment-minded consumers, like Chen, are reassessing their strategies, with some choosing to slow down their purchasing pace due to the new tax implications and market volatility [4][8][11]. - The tax policy has led to a noticeable decrease in foot traffic at gold shops, with many consumers opting to hold off on purchases until they feel more confident about the market [10][11]. Group 3: Long-term Perspectives - Despite the immediate impacts of the tax policy, consumers maintain a long-term view on gold as a valuable asset, with plans to invest when prices stabilize [11][12]. - The gold market is expected to continue evolving as consumers adapt to the new tax environment, with ongoing discussions about the balance between buying and selling gold [11][12].

Core Insights - The article highlights the recent participation of actress Tong Liya in a red carpet event and her subsequent purchasing activities in the Shenzhen Water Bay Gold Market, which is a significant hub for the gold and jewelry industry in China. The market's trading environment is currently active due to rising gold prices influenced by new tax policies [3][6][14]. Group 1: Market Overview - The Shenzhen Water Bay Gold Market has evolved from a manufacturing base to a wholesale center since the early 1980s, now supplying approximately 70% of the country's jewelry and holding a significant share of the domestic gold wholesale market [4]. - The market's annual transaction volume exceeds 100 billion yuan, indicating its critical role in the gold and jewelry supply chain [4]. Group 2: Recent Developments - On November 3, 2025, the gold price in the Water Bay market reached 991 yuan per gram, an increase of over 50 yuan from the previous day, driven by new tax policies implemented on November 1, 2025 [6]. - The new tax policy differentiates between investment and non-investment gold, aiming to reduce transaction costs and eliminate double taxation for standard gold traded through designated exchanges [6][14]. Group 3: Consumer Behavior - Tong Liya's purchasing activities occurred on the same day as the gold price surge, where she selected various gold items, indicating a significant interest in gold as a form of investment [8][12]. - The market's active trading environment and the recent price fluctuations have influenced consumer purchasing decisions, with many consumers, including celebrities, recognizing gold's value retention properties [12][14]. Group 4: Regulatory Impact - The new tax regulations have reduced the input tax for gold jewelry enterprises from 13% to 6%, potentially increasing costs for these businesses while lowering tax burdens for investment gold sales [14]. - The policy aims to clarify the distinction between investment and non-investment gold, thereby regulating source transactions and enhancing market oversight [14].

Core Viewpoint - The recent fluctuations in gold prices have created uncertainty among consumers, with prices rising significantly from previous months, leading to concerns about potential investment risks and market behavior [1][4][10]. Price Trends - Current gold prices range from 1,120 yuan per gram at some retailers to 1,256 yuan per gram at others, compared to over 900 yuan a few months ago, indicating a substantial increase [1][4]. - The gold recycling price is currently around 895 yuan per gram, highlighting the disparity between purchase and resale values [1]. Market Influences - Gold prices are influenced by global economic conditions, exchange rates, inflation, and market sentiment, particularly during times of uncertainty [4]. - Increased demand for gold is noted during the wedding season in China, contributing to rising prices [4]. Investment Considerations - Consumers are advised to differentiate between purchasing gold for personal use versus investment, as jewelry often carries high premiums and lower resale values [8][10]. - For investment purposes, gold bars and coins are recommended due to their higher purity and lower processing costs compared to jewelry [8]. Platinum Comparison - Platinum prices are currently significantly lower than gold, with prices around 560 yuan per gram, reflecting a shift in market dynamics where gold is viewed as a more stable investment [8]. Consumer Guidance - Consumers are encouraged to approach gold purchases with caution, considering their financial capacity and market conditions, and to avoid impulsive buying or selling based on short-term price movements [10].