Core Viewpoint - The price of gold jewelry in China has surged significantly, with major brands now pricing gold at over 1200 RMB per gram, reflecting a substantial increase from around 800 RMB at the beginning of the year. This rise is attributed to various factors including geopolitical tensions, central bank purchases, and currency fluctuations [1][2][3][4]. Price Trends - Major gold brands such as Lao Miao, Chow Tai Fook, and others have seen their prices reach between 1206 and 1218 RMB per gram, marking an increase of approximately 400 RMB per gram within a year [1]. - The price of gold jewelry has consistently followed international gold price trends, with the Shanghai Gold Exchange's Au9999 spot gold price also rising in tandem [1]. Driving Forces Behind Price Increase - **Safe-Haven Demand**: Ongoing geopolitical conflicts and fluctuating monetary policies have led to increased demand for gold as a traditional safe-haven asset, with global gold ETF holdings experiencing net inflows for five consecutive months [2][3]. - **Central Bank Purchases**: According to the World Gold Council, global official gold reserves increased by over 800 tons in the first three quarters of 2025, with emerging market central banks being the primary buyers. China's central bank has also been on a trend of continuous gold accumulation [3]. - **Currency Impact**: The cost of imported gold has risen, which directly affects the gold price in RMB, contributing to the overall increase in jewelry prices [4]. Market Dynamics - The pricing structure of gold jewelry includes the base gold price, processing fees, brand premiums, and taxes. As the base gold price rises, it becomes challenging for brands to lower their prices, leading to higher consumer costs [6]. - Despite the rising prices, sales of gold jewelry have not necessarily declined. Some consumers are opting to purchase gold as a form of investment, with a notable increase in gold bar purchases and a rise in gold recycling activities [6]. Consumer Behavior - The perception of gold jewelry is shifting from a decorative item to an investment, with consumers increasingly viewing their purchases as a form of savings. This change in mindset is reflected in the rising demand for gold bars and the increased interest in recycling old gold [6][8].

Core Insights - The gold market has seen significant activity, with international gold prices surpassing $1850 per ounce and domestic prices exceeding 500 yuan per gram, benefiting early investors who purchased at lower prices [3] - Selling gold in China is often challenging, as banks and gold shops are generally reluctant to buy back gold jewelry and investment bars, leading to a complicated resale process for investors [3][5] Group 1: Investment Gold Bars - Investors are advised to confirm with banks about the buyback policies for investment gold bars before purchase, as many banks show limited willingness to repurchase these bars [5][9] - When selling investment gold bars back to banks, customers must provide key documents such as the original purchase invoice and a certification from an authoritative body, with matching serial numbers being crucial [6][9] Group 2: Challenges in Resale - Banks often exhibit a reluctance to repurchase gold bars due to the associated risks and costs, including the requirement for customers to pay for the certification process, which many find unappealing [8][9] - Selling gold bars to gold shops may not yield favorable prices, as shops tend to offer lower buyback prices due to their own profit margins and operational costs, along with a delayed response to international price changes [8]

Core Viewpoint - Gold prices have surged, with spot gold surpassing $4,100 per ounce, driven by increased global risk aversion and significant ETF fund inflows, with expectations of reaching $5,000 per ounce in the next year [1][3][4] Group 1: Market Trends - The recent rise in gold prices is attributed to a strong increase in global risk aversion and substantial inflows into gold ETFs [1] - Analysts from Societe Generale noted that gold prices reached $4,042 per ounce, just below their Q4 target of $4,318 per ounce, supported by steady central bank gold purchases [1][4] - The speed of inflows into gold ETFs has significantly exceeded previous assumptions, indicating a direct response from investors to rising uncertainties [3] Group 2: Investment Demand - Since 2022, both gold investment demand and central bank purchases have shown strong growth, with an average quarterly inflow of 72.5 tons into the gold market, including 31.5 tons from ETFs [4] - In Q3 of this year, ETF net inflows reached 100 tons, the highest level since 2020, contributing to a $160 per ounce increase in gold prices in September [4] - GTC ZEHUI believes that the extraordinary capital flow reflects a trend of global asset allocation shifting towards gold as a key defensive asset for mainstream institutional investors [4] Group 3: Future Outlook - GTC ZEHUI maintains a bullish long-term outlook on gold, projecting prices to reach $4,217 per ounce by the end of 2025 and $5,000 per ounce by the end of 2026, an upward revision of approximately 14% [4] - The ongoing accumulation of gold by ETFs and central banks provides ample upward price potential, with gold's allocation value likely to become a key beneficiary sector in global asset allocation over the next two years [4]

10月14日，现货黄金首次站上4160美元/盎司，再度刷新历史最高价，今年累涨超1500美元/盎司；COMEX黄金期货报4172.1美元/盎司，日内涨幅0.95%。 紧跟国际市场波动，国内金饰价格应声上涨，多个品牌金饰价格突破1200元/克。多家机构发布看多预测，断言黄金牛市根基未改。 然而，当市场沉浸于"黄金永远涨"的狂热叙事时，资深投资者更需一份冷静的清醒。历史反复证明，没有只涨不跌的市场，黄金的璀璨光芒背后，亦有漫 长而晦暗的熊市周期。今日，我们暂不歌颂牛市，而是回望那些曾被遗忘的角落，为当下可能过热的情绪注入一剂清醒。 1975-1976：短暂回调的启示，避险需求的脆弱性 布雷顿森林体系瓦解后的1974年，黄金迎来首轮暴涨，但狂欢仅持续一年便戛然而止。1975年2月至1976年8月，金价从195美元/盎司跌至102美元/盎司， 半年内腰斩。触发因素并非复杂的金融动荡，而是美国通胀的短暂回落与美元信用的阶段性修复。 当经济数据显示美国CPI同比从12%降至7%，市场对滞胀的担忧缓解，黄金的避险溢价迅速消退。这轮熊市虽仅持续18个月，却揭示了黄金的核心软肋： 其"避险属性"并非恒定，一旦宏观环境转向稳定， ...

Group 1 - The core viewpoint of the articles emphasizes the historical volatility of gold prices, highlighting that while current trends show a bullish sentiment, past experiences indicate that markets can and do experience significant downturns [2][7]. - Recent gold prices have reached new highs, with spot gold surpassing $4160 per ounce and COMEX futures at $4172.1 per ounce, reflecting a year-to-date increase of over $1500 per ounce [2]. - Domestic gold jewelry prices have also risen, with several brands exceeding 1200 yuan per gram, indicating a strong correlation with international market movements [2]. Group 2 - Historical analysis reveals that gold has experienced multiple significant bear markets, such as the 1975-1976 period where prices fell from $195 to $102 per ounce, demonstrating the fragility of gold's safe-haven demand [3]. - The bear market from 1980 to 1999 saw gold prices plummet from $850 to $250 per ounce, a decline of 70%, driven by aggressive interest rate hikes and a loss of faith in gold as a hard currency [4]. - During the 2008 financial crisis, gold prices dropped from $1033 to $680 per ounce, a 34% decrease, challenging the notion that gold always rises in times of crisis [5]. Group 3 - The period from 2011 to 2015 marked another significant downturn, with gold peaking at $1920 per ounce before falling to $1046, a 46% drop, influenced by the Federal Reserve's signals to taper quantitative easing [6]. - Current market conditions show signs of potential risk, with high speculative positions in COMEX gold futures and a strengthening dollar, which could lead to a reversal in sentiment and price declines [8]. - Investors are advised to maintain a rational approach to gold investments, limiting exposure to no more than 10% of household assets and being cautious of emotional narratives surrounding gold prices [8].

人类为什么会如此痴迷黄金？这一波的黄金暴涨背后蕴藏着什么奥秘？普通人到底该不该买一点黄金？ ...

10月14日盘中，国际金价持续拉升，截至发稿，伦敦现货黄金价格站上4140美元/盎司， COMEX黄金期货价格站上4160美元/盎司，续刷历史新高。 伴随金价大涨，黄金主题ETF规模一举突破2000亿元大关。与此同时，黄金主题ETF诞生了3 只"翻倍基"。 业内人士表示，中长期"美联储开启降息周期+海外宏观政策不确定性加剧+全球去美元化趋 势"格局对金价构成一定支撑。 但需警惕 短期回调 ，黄金资产波动性可能上升，投资者应做 好风险防范。 黄金主题ETF规模突破2000亿元大关 诞生3只"翻倍基" 数据显示， 截至10月13日，今年以来，黄金主题ETF产品资金净流入达745.77亿元，最新 规模突破2000亿元，达2033.42亿元，较去年年末增长超180%。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 金价迭创新高！ 华安基金表示，展望后市，短期内关税冲突加剧促成黄金脉冲式行情，中长期看，美联储降 息周期、美债信用危机、全球秩序重构、央行持续购金等多重趋势对黄金构成利好，黄金仍 行进在新周期的路上。 此外，博时黄金ETF、国泰黄金基金ETF ...

Core Insights - The article discusses the volatility of gold prices and the need for rational decision-making in gold purchasing amidst fluctuating market conditions [1][2]. Price Discrepancies - There are significant price differences for gold across various brands and stores, with prices ranging from 1,010 to 1,183 yuan per gram for different brands [2][4]. - Notable brands like Chow Tai Fook have higher prices due to brand premium, while lesser-known brands offer lower prices [4]. Factors Influencing Gold Prices - Brand Premium: Established brands command higher prices due to their craftsmanship and service [4]. - Regional Differences: Prices vary based on the cost of living in different cities, with first-tier cities generally having higher prices [4]. - Product Type: The distinction between "jewelry gold" and "gold bars" affects pricing, as jewelry includes additional costs like processing and design fees [4]. Consumer Behavior - There is a growing trend of purchasing gold for psychological comfort rather than purely for investment, especially in the context of economic uncertainty [5][6]. - Consumers should clarify their purchasing intentions, whether for investment or personal use, as this influences their buying strategy [9]. Purchasing Strategies - It is advised to compare prices across different brands and stores to avoid impulsive purchases [11]. - Attention should be paid to processing fees, as some stores may offer lower gold prices but charge higher fees [11]. - Gradual purchasing is recommended to mitigate investment risks and avoid significant losses during price fluctuations [11]. - A rational perspective on price movements is essential, as gold prices are inherently volatile [11].

Core Insights - Spot gold prices surged past $4160 per ounce, reaching a historical high, with a year-to-date increase of $1500 and an annual growth rate exceeding 58% [1] - COMEX gold futures also rose, breaking the $4150 per ounce mark, setting a new record [1] - The prices of investment gold bars from the four major banks continued to rise, with quotes above 932 yuan per gram [1] Price Movements - As of October 14, the investment gold bar prices from the four major banks are as follows: - ICBC: 933.83 yuan/gram - Bank of China: 932.24 yuan/gram - Agricultural Bank of China: 938.40 yuan/gram - China Construction Bank: 947.20 yuan/gram [1] - The price of investment gold bars has increased by over 200 yuan per gram in just seven months, from 720 yuan/gram on March 20 [1] Jewelry Prices - Domestic gold jewelry prices have also risen, with notable increases: - Chow Sang Sang: 1213 yuan/gram, up from 1188 yuan/gram [1] - Other brands such as Chow Tai Fook, Luk Fook Jewelry, Lao Feng Xiang, and Lao Miao Gold have also seen prices exceed 1200 yuan/gram [1] Additional Pricing Information - Detailed pricing for various brands and products as of October 14 includes: - Chow Sang Sang: Gold price at 1213 yuan/gram, PT950 platinum at 667 yuan/gram [2] - Chow Tai Fook: Gold price at 1215 yuan/gram for both jewelry and craft products [2] - Luk Fook Jewelry: Gold price at 1214 yuan/gram, with various platinum prices listed [2] - Lao Feng Xiang: Gold price at 1206 yuan/gram, with investment gold bars at 1156 yuan/gram [3] - Lao Miao Gold: Gold price at 1218 yuan/gram [3]

国际金价，幕后推手？ （一）紧密联动揭秘 国际金价就像是国内珠宝品牌足金首饰价格的 "指挥棒" 。国际黄金市场是全球统一的大市场，其价格由全球的供需关系、经 济形势、政治局势等诸多因素共同决定。而国内的珠宝品牌在制定足金首饰价格时，会紧紧盯着国际金价这个 "风向标"。因 为黄金是一种全球性交易的商品，国际金价的波动会迅速传导至国内市场，国内珠宝商的进货成本会随着国际金价的涨跌而 变动，这自然就会反映在终端的足金首饰售价上。 （二）国际金价走势回溯 2025 年的国际金价走势，简直就像一部充满刺激剧情的大片！年初开盘时，国际金价在 2641 美元 / 盎司左右 ，此后便开启了 它的疯狂上涨之旅。3 月 14 日，COMEX 黄金价格首次突破 3000 美元 / 盎司 ，这就像是打开了一道财富的新大门，市场开始 点击公众号主页右上角，实时关注IPO小助手最新资讯 家人们，今天必须来和大家聊聊这疯狂上涨的金价！你敢相信吗？2025 年初的时候，周生生足金饰品价格还在 800 元 / 克左 右徘徊 ，可到了 10 月 14 日，已经一路狂飙至 1213 元 / 克！短短不到一年的时间，每克竟然上涨了约 400 元！这 ...