Group 1 - The price of physical gold from Xie Ruilin on November 25, 2025, is quoted at 1315 yuan per gram, an increase of 20 yuan per gram compared to the previous trading day [3] - The price of gold bars remains unchanged at 1207 yuan per gram on the same day [3] - The gold price on November 24, 2025, was 1295 yuan per gram [3] Group 2 - Reports indicate multiple strong explosions in Kyiv, Ukraine, with missile alerts issued by the Ukrainian Air Force nationwide on the morning of November 25 [2]

值得注意的是，与黄金珠宝行业息息相关的国际金价近期仍呈现高位震荡格局。伦敦金价格10月突破 4300美元/盎司后回落，10月下旬一度回到4000美元/盎司以下，但此后有所回升。截至11月26日中午 12：16，伦敦金报4160.77美元/盎司。 在国际金价居高不下的背景下，国内品牌黄金珠宝店的金饰克价也水涨船高，日前已普遍超过1300元/ 克。11月26日，智通财经查阅周大福今日金价，报于1312元/克。 这对周大福的业绩造成直接的影响。据公司的中期业绩报告，在高毛利定价首饰贡献提升及黄金价格上 涨的支持下，集团毛利率维持于30%以上，处于历史较高水平；期内经营溢利保持韧性，达到68.23亿 港元，同比增长0.7%；公司股东应占溢利同比小幅增长0.1%。 来源：智通财经 11月26日，周大福珠宝集团有限公司（01929.HK）公布半年报业绩后，股价低开低走，一度跌超 7.8%。截至午间收盘，公司股价收跌7.48%，报收14.1港元/股，总市值约1391亿港元。 11月25日晚，周大福发布截至2025年9月30日止的中期业绩。根据公告，2026财年上半年共实现营收 389.9亿港元，同比下降约1.1%，低于市场 ...

Core Viewpoint - Chow Tai Fook Jewelry Group Limited reported disappointing interim results, leading to a significant drop in stock price, with revenue and net profit falling short of market expectations [1][2] Financial Performance - For the first half of the fiscal year ending September 30, 2025, Chow Tai Fook achieved revenue of HKD 38.99 billion, a year-on-year decline of approximately 1.1%, below the market expectation of HKD 40.19 billion [1] - The net profit attributable to shareholders was HKD 2.53 billion, a slight increase of 0.16% year-on-year, but lower than the expected HKD 2.63 billion [1] - The group's operating profit remained resilient at HKD 6.823 billion, a year-on-year growth of 0.7%, supported by high-margin pricing jewelry and rising gold prices [2] Market Conditions - International gold prices have shown high volatility, with London gold prices fluctuating around USD 4,160.77 per ounce as of November 26, 2023, impacting the jewelry industry [2] - The price of gold jewelry in domestic markets has risen, with Chow Tai Fook's gold price reported at HKD 1,312 per gram [2] Same-Store Sales Performance - The company reported a 2.6% increase in same-store sales for its directly operated retail points in mainland China, and a 4.8% increase for franchise retail points [3] - Same-store sales in Hong Kong and Macau rose by 4.4%, driven by improved retail consumption and increased foot traffic [3] - Specifically, Hong Kong saw a 1.8% increase in same-store sales, while Macau experienced a significant growth of 13.7% [3]

接着讲时间线，11月非农就业数据原计划在11月发布，但后来改期到12月16日，意味着美联储在12月11日开会前，既没有完整的10月CPI，也没有11月的非 农，这在市场里像是把决策所需的两只灯都关了，交易员开始打灯笼找方向； 再看美联储内部声音，纽约联储主席约翰·威廉姆斯在11月中下旬表示，随着劳动力市场回落，美联储存在进一步降息空间，这话一出，市场立刻把"鸽 派"预期放大，认为12月降息的概率大增，股债商品价格都开始反应，股市在11月21日迎来大幅反弹，三大股指集体上扬； 美联储其他官员也有不同节奏，理事米兰在11月表示若需要会支持12月降息25个基点，而达拉斯联储主席洛根则认为资产负债表会扩张，但她觉得12月再降 息难度不小，这种内部不一致反而让市场更紧张，投机者和避险买家同时上场； 正文开始，先从关键节点说起，10月的美国CPI原定要在11月发布，但美国劳工统计局在11月表示，因政府"停摆"影响数据收集，取消了10月CPI的即时发 布，并计划把可得的数据在11月报告中一并披露，而完整的10月数据延后到12月18日发布，这就把原本支撑决策的关键数据往后推； 说金价的实战表现，11月中下旬现货黄金盘中一度拉 ...

国际金价方面，昨日出现大反转。北京时间19日18时35分，纽约商品交易所12月黄金期价报每盎司4114.8美元，涨幅为1.19%；伦敦现货黄金报每盎司 4113.8美元，涨幅为1.15%。截至北京时间20日15时50分，金价有所回调。 前几日，国际金价连续几日下跌。18日，伦敦现货黄金盘中一度跌破4000美元，部分国内品牌金饰价格近日也出现四连跌。 每经编辑｜陈柯名 11月20日，国内黄金饰品价格对比显示，多家黄金珠宝品牌公布的境内足金首饰价格较昨日有所上调，周生生报价1307元/克，周大福报价1305元/克，老 凤祥报价1302元/克，老庙黄金上海区域克价为1302元，六福珠宝报价1303元/克。 图片来源：视觉中国 经济日报近日发文指出，近一段时间，在美国步入降息周期、地缘政治风险延续、全球央行持续购金支撑等因素推动下，不确定性的增强促使金价表现强 势。然而，经历短期多日连涨，黄金技术面已出现超买信号，再加上对国际局势动荡预期缓和与投机资金获利了结等因素的影响，金价在高位持续震荡。 招联首席研究员董希淼表示，黄金作为避险资产的属性仍然较强，短期回调没有根本改变金价中长期上涨逻辑，投资者也正逐渐适应近期的波 ...

Group 1 - The current spot gold price has surged to approximately 4116.15 USD/oz, reflecting a daily increase of 1.2% after previously dipping to 3997 USD/oz [2][4] - Recent market pressures on gold prices were influenced by a weakening of dovish expectations from the Federal Reserve, with prices touching 3997 USD/oz on November 18 [3] - The trend of capital inflow into gold as a safe-haven asset continues, as indicated by the statement from the Bank of Indonesia's governor [5] Group 2 - Market participants are awaiting the release of the Federal Reserve's meeting minutes, which will provide insights into policymakers' views on future interest rate paths [6]

深圳水贝市场，一位投资者一次性订购了15公斤白银板料，仿佛购买普通商品一般。 与此同时，国际金价正经历剧烈波动，单日跌幅超过6%。 2025年11月18日，国际金价延续近期调整态势，现货黄金报价4045.50美元/盎司，较前一交易日下跌39.30美元，跌幅0.96%。 盘中一度下探至4006.80美元/ 盎司低点，波动幅度超过100美元。 与国际市场大幅震荡形成鲜明对比的是国内金价的稳定表现。 同一时间，国内现货金价仅微跌0.18元，跌幅0.02%。 投资金条价格稳定在944元/克，黄金回 收价格报915元/克，均保持窄幅波动。 这种分化现象并非首次出现。 5月30日，国际金价曾跌至3245.29美元/盎司，而当时周大福等品牌的黄金零售价仍高居990元/克。 国内外金价走势的差异背 后是市场结构和定价机制的差异。 品牌金店零售价格保持稳定。 11月16日，周大福足金饰品报价为1315元/克，六福珠宝为1313元/克，周生生为1310元/克。 这些价格较国际金价换算后的基 础价格高出300-350元/克，构成了国内黄金市场的独特景观。 今日现货黄金价格走势实时行情（2021年7月5日）-现货黄金资讯-金投网 国 ...

Core Viewpoint - Gold prices have surged over 50% this year, potentially marking the strongest annual increase since 1979, but increased volatility has made short-term predictions challenging [1] Group 1: Gold Price and Market Dynamics - The correlation between gold futures and the S&P 500 index has turned positive since October, indicating a synchronized movement between gold and risk assets like stocks and Bitcoin [1] - Gold leasing has gained traction as investors seek to generate returns from their idle gold bars, breaking the zero-yield characteristic of physical gold [1][3] Group 2: Gold Leasing Business - SafeGold, a company based in Mumbai, has seen its leasing volume increase from $2 million to $40 million since the beginning of the year, reflecting a growing interest among high-net-worth individuals [3] - Gold leasing allows investors to earn interest in gold rather than cash, with current guaranteed rates at 2% for secured leases and 4% for unsecured leases [4] Group 3: Industry Perspectives - Industry experts highlight that gold leasing provides a way for jewelers and manufacturers to obtain necessary gold while mitigating price volatility risks [4][5] - High-net-worth individuals and family offices are increasingly participating in gold leasing, traditionally dominated by central banks and large bullion banks [5] Group 4: Risks and Considerations - Despite the appeal of gold leasing, there are inherent risks such as counterparty risk and operational risk, which are not present in simple gold ownership [6] - Companies in the gold leasing space are implementing measures like insurance and real-time inventory tracking to mitigate risks, but complete risk elimination is not feasible [6]

每经AI快讯，11月18日，现货黄金刚刚突破4050.00美元/盎司关口，最新报4050.26美元/盎司，日内涨 0.12%；COMEX黄金期货主力最新报4050.00美元/盎司，日内跌0.60%。 ...

Core Viewpoint - Recent fluctuations in gold prices have led to a decline in domestic gold jewelry prices, with significant drops observed since November 14, 2023 [1][2] Group 1: Gold Price Movements - Spot gold prices fell sharply, dropping by 0.8% to $4063.73 per ounce as of the report [1] - Domestic gold jewelry prices have seen consecutive declines, with notable reductions in prices for brands such as Lao Miao and Zhou Dafu [1][2] Group 2: Bank Adjustments - Commercial banks are adjusting the minimum investment amounts for gold accumulation products, with Citic Bank raising the minimum from 1000 yuan to 1500 yuan starting November 15, 2025 [3] - Other banks, including Bank of China and Industrial and Commercial Bank of China, have also increased their minimum purchase amounts for gold accumulation products [3] Group 3: Market Analysis - Analysts attribute the recent gold price decline to a temporary easing of U.S. government shutdown risks and a decrease in safe-haven demand [3] - The probability of a rate cut by the Federal Reserve has dropped significantly, contributing to the pressure on gold prices [3] Group 4: Long-term Outlook - Despite short-term volatility, many institutions maintain a long-term bullish outlook on gold, with UBS predicting a potential peak of $5000 per ounce between 2026 and 2027 [4] - Citigroup presents multiple scenarios for gold prices, suggesting a 30% probability of a bull market pushing prices to $6000 per ounce by the end of 2027 [4][5] - Citigroup also indicates a 50% probability of a price correction to $3650 per ounce in 2026, and a 20% probability of a bear market scenario leading to prices around $3000 per ounce [5]