Core Viewpoint - International gold prices continue to rise, with spot gold surpassing $4,140 per ounce, marking an increase of over 3% this week [1][3]. Price Movements - Domestic gold jewelry prices have significantly increased by nearly 30 CNY per gram compared to yesterday, with some prices exceeding 1,300 CNY per gram, reaching new highs [3][5]. - Specific prices for gold jewelry include: Chow Tai Fook, Chow Sang Sang, and Chow Tai Sheng at 1,308 CNY per gram, while Lao Feng Xiang and Lao Miao gold jewelry are priced at 1,310 CNY per gram [5]. Market Dynamics - The high gold prices, combined with tax impacts, are expected to negatively affect gold sales, leading to an increase in gold exchange and remelting businesses [9]. - A local gold shop owner noted a rise in customers exchanging old jewelry for new pieces, indicating a shift in consumer behavior due to high gold prices [11][12]. Future Outlook - Since reaching a historical high of $4,380 per ounce in mid-October, gold has decreased by approximately 6%, but remains up over 56% for the year [14]. - Analysts suggest that the ongoing rise in gold prices is driven by a weaker dollar and geopolitical tensions, with expectations for continued growth in the coming year [14]. - Morgan Stanley predicts gold prices could reach $5,200 to $5,300 by the end of 2026, while Goldman Sachs has a more conservative estimate of $4,900 [16]. - The People's Bank of China reported an increase in gold reserves, continuing a trend of accumulation for the 12th consecutive month [16]. - The World Gold Council's report indicates that global central banks accelerated gold purchases in Q3, with a net purchase of 220 tons, reflecting a 28% increase from Q2 and a 10% year-on-year growth [16].

Core Viewpoint - International gold prices continue to rise, with spot gold surpassing $4,140 per ounce, marking an increase of over 3% this week [1][3]. Price Movements - Domestic gold jewelry prices have significantly increased by nearly 30 CNY per gram compared to yesterday, with some prices exceeding 1,300 CNY per gram, reaching new highs [3][5]. - Specific prices for gold jewelry include: Chow Tai Fook, Chow Sang Sang, and Chow Tai Sheng at 1,308 CNY per gram, while Lao Feng Xiang and Lao Miao gold jewelry are priced at 1,310 CNY per gram [5]. Market Dynamics - The high gold prices, combined with tax impacts, are expected to negatively affect gold sales. However, the demand for gold buying and exchanging services is anticipated to increase [9]. - A local gold shop owner noted a rise in customers exchanging old jewelry for new pieces, indicating a shift in consumer behavior due to high gold prices [11][12]. Future Outlook - Since reaching a historical high of $4,380 per ounce in mid-October, gold has decreased by approximately 6%, but it has still risen over 56% this year. Factors driving the recent price increase include a weaker dollar and geopolitical tensions [14]. - Analysts from China International Capital Corporation (CICC) predict that gold prices may continue to rise next year, supported by central bank purchases in emerging markets and potential economic pressures in the U.S. [14]. - Alex Wolf from JPMorgan forecasts that gold prices could reach $5,200 to $5,300 by the end of 2026, driven by central bank demand, particularly from countries like China, Poland, Turkey, and Kazakhstan [16]. - The People's Bank of China reported an increase in gold reserves to 74.09 million ounces as of the end of October, marking the 12th consecutive month of gold accumulation [18]. - The World Gold Council's report indicates that global central banks accelerated gold purchases in Q3, with a net purchase of 220 tons, a 28% increase from Q2 and a 10% year-on-year rise [18].

Core Insights - The People's Bank of China released the monetary policy implementation report for the third quarter of 2025, highlighting significant changes in gold prices and trading volumes [1] Gold Market Overview - As of the end of September, international gold prices reached $3,825.3 per ounce, marking a 46.5% increase compared to the end of the previous year [1] - The Shanghai Gold Exchange's Au99.99 gold price was 871.86 yuan per gram, reflecting a 41.8% rise from the end of the previous year [1] Trading Activity - In the third quarter, the trading volume of gold on the Shanghai Gold Exchange was 14,000 tons, which represents a year-on-year decline of 15.9% [1] - The total trading value for the same period was 11.1 trillion yuan, showing a year-on-year growth of 17.2% [1]

Core Viewpoint - The spot gold price has increased, leading to a significant rise in domestic gold jewelry prices in China on October 11 [2] Group 1: Gold Price Movement - As of 14:10 on October 11, the spot gold price reached $4131.220 per ounce, marking a daily increase of 0.27% [2] Group 2: Domestic Jewelry Price Changes - The price of gold jewelry from various brands has surged, with some prices exceeding 1300 RMB per gram: - Chow Tai Fook's gold jewelry price is 1308 RMB per gram, up 29 RMB from the previous day [2] - Chow Sang Sang's gold jewelry price is also 1308 RMB per gram, increasing by 32 RMB from the previous day [2] - Lao Feng Xiang's gold jewelry price is 1310 RMB per gram, rising by 37 RMB from the previous day [2] - Lao Miao's gold jewelry price is 1310 RMB per gram, also up by 37 RMB from the previous day [2]

Core Viewpoint - JPMorgan Private Bank predicts that gold prices may exceed $5,000 per ounce next year, driven primarily by central bank purchases from emerging market economies [1] Group 1: Price Predictions - The global head of macro and fixed income strategy at JPMorgan, Alex Wolf, forecasts that gold prices could reach between $5,200 and $5,300 by the end of 2026, representing an increase of over 25% from current levels [1] - The bank anticipates that central bank gold purchases will remain robust, with an estimated total of 750 to 900 tons expected in 2025 [1] Group 2: Central Bank Behavior - Many central banks, particularly in emerging markets, have a relatively small proportion of gold in their foreign exchange reserves, which may lead to continued accumulation despite potential slowdowns in buying due to rising prices [1] - Emerging market economies are experiencing budget surpluses, resulting in significant cash flows that need to be reinvested, with a portion likely directed towards gold [1] Group 3: Investor Sentiment - There is an increasing trend among investors to raise their gold holdings, driven by ongoing concerns about fiat currencies, suggesting that even a modest increase in gold allocation could lead to significant demand [1] - According to the World Gold Council, central banks added 634 tons of gold to their reserves in the year ending September, which, while lower than the previous three years, is still significantly above pre-2022 averages [1]

Group 1 - The international gold price continues to rise, with spot gold reaching 4140 USD [1] - Domestic gold jewelry prices have increased, with Chow Sang Sang's price at 1308 CNY per gram, up 32 CNY from the previous day [1] - Lao Feng Xiang's gold jewelry price is 1310 CNY per gram, an increase of 37 CNY from the previous day [1]

Core Viewpoint - International gold prices continue to rise, with spot gold reaching $4,140 [1] Price Adjustments - Domestic gold jewelry prices have been increased, with Chow Sang Sang's gold price at 1,308 CNY per gram, up 32 CNY from the previous day's 1,276 CNY [1] - Lao Feng Xiang's gold price is now 1,310 CNY per gram, an increase of 37 CNY from the previous day's 1,273 CNY [1]

Group 1 - International gold prices continue to rise, with spot gold reaching $4,140 [1] - Domestic gold jewelry prices have been adjusted upward, with Chow Sang Sang's price at 1,308 CNY per gram, an increase of 32 CNY from the previous day [1] - Lao Feng Xiang's gold jewelry price is 1,310 CNY per gram, up 37 CNY from the previous day [1]

摩根大通私人银行认为，黄金的上涨势头可能会在明年将价格推高至每盎司5,000美元以上，主要驱动 力来自新兴市场经济体的央行购买。该行全球宏观和固定收益策略主管Alex Wolf表示，到2026年底， 金价可能达到5,200-5,300美元，这将比目前金属的交易价格高出25%以上。该分析师表示，对于许多央 行，特别是新兴市场的央行而言，黄金在其"外汇储备中所占的总体百分比仍然相对较小"。他指出，即 使由于价格上涨导致购买步伐可能会放缓，但"我们仍然看到它们在继续增持"。央行一直是金价上涨的 关键驱动力，其中以中国、波兰、土耳其和哈萨克斯坦的购买量居前，许多新兴市场经济体拥有需要进 行再投资的巨额现金流。 ...

摩根大通私人银行（J.P. Morgan Private Bank）认为，黄金的上涨势头可能会在明年将价格推高至每盎 司5,000美元以上，主要驱动力来自新兴市场经济体的央行购买。该行全球宏观和固定收益策略主管 Alex Wolf表示，到2026年底，金价可能达到5,200-5,300美元，这将比目前金属的交易价格高出25%以 上。 ...