Core Viewpoint - As of the end of July 2025, China's foreign exchange reserves decreased to $32,922 billion, marking a decline of $252 billion from the end of June, ending a six-month upward trend [1][3]. Foreign Exchange Reserves - China's foreign exchange reserves have remained above $32 trillion for 20 consecutive months, but saw a month-on-month decline for the first time in July 2025 [1][3]. - In the first six months of 2025, foreign exchange reserves increased consistently, with increases of $667.9 million, $1.82 billion, $1.3441 billion, $4.1 billion, $360 million, and $3.22 billion respectively [2]. Gold Reserves - The People's Bank of China has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons) by the end of July, an increase of 60,000 ounces (approximately 1.86 tons) [3][8]. - The value of China's gold reserves rose by $1 billion to $243.985 billion, representing 7.41% of total foreign exchange reserves, which is still below the global average of around 15% [3][8]. Market Outlook - International institutions are optimistic about gold prices, with Standard Chartered predicting prices could reach $3,400 per ounce in the next three months and maintain a forecast of $3,500 per ounce over the next 12 months [4]. - The World Gold Council reported that global gold demand reached 1,249 tons in Q2 2025, a 3% year-on-year increase, despite a slowdown in the pace of central bank purchases [4]. Investment Trends - The demand for gold investment is expected to remain strong in the second half of the year due to ongoing geopolitical and economic risks, which may drive investor demand for gold bars and coins [7][8]. - The central bank's strategy to increase gold reserves is seen as a way to optimize international reserve structure and support the internationalization of the Renminbi [8].

Core Perspective - The article highlights the emotional and aesthetic significance of jewelry, particularly focusing on how different pieces reflect various stages of a woman's life and personal style. Group 1: Traditional Craftsmanship and Modern Aesthetics - The Lao Feng Xiang arc-shaped wide gold bracelet utilizes traditional "mud eel back" craftsmanship, creating a unique texture that is both elegant and durable, appealing to mature women seeking understated luxury [3] - The Van Cleef & Arpels blue agate four-leaf clover bracelet features 18K gold and meticulously cut blue agate, celebrating the brand's 50th anniversary with a design that balances visual aesthetics and craftsmanship [5] Group 2: Investment and Emotional Value - Ling Feng Jin's gold beans, made of AU9999 gold, are designed for easy investment, allowing individuals to accumulate gold over time while also serving as sentimental gifts for special occasions [6] - The gold beans' rounded shape and lower investment threshold make them appealing to younger consumers, merging financial attributes with emotional significance [6] Group 3: Health and Practical Considerations - Gold jewelry, such as the Lao Feng Xiang bracelet, is noted for its hypoallergenic properties, making it suitable for daily wear without causing skin irritations [8] - The design of the Van Cleef & Arpels bracelet ensures that it does not snag on clothing or hair, enhancing its practicality for everyday use [8] Group 4: Lifestyle and Aesthetic Representation - The three distinct styles of jewelry correspond to different life scenarios, with the Lao Feng Xiang bracelet enhancing professional attire, the Van Cleef & Arpels bracelet complementing evening wear, and the Ling Feng Jin gold beans serving as both jewelry and a savings tool [9] - Each piece symbolizes different stages of a woman's journey, from economic independence to a refined lifestyle, illustrating the evolving nature of personal aesthetics [9]

Group 1 - The global precious metals market is undergoing a structural change, with silver prices rising by 20% and platinum by 36% in the first half of 2025, surpassing gold's increase [1] - Young consumers are increasingly favoring silver and platinum over gold due to rising gold prices, with platinum jewelry sales seeing a significant uptick [1][3] - Banks are expanding their precious metals offerings, with products like silver bars and jewelry being introduced to attract consumers [1] Group 2 - There is a surge in demand for silver consumer products, with sales of investment silver bars and silver ingots increasing by over 40% year-on-year [2] - The popularity of silver investment products is reflected in the high number of reservations for silver coin sets, indicating strong consumer interest [2] - Platinum prices have also seen a significant rise, with a 45% increase in daily sales of platinum jewelry since June, driven by younger consumers seeking design and value [3]

Group 1 - The high gold prices are suppressing gold jewelry consumption, but lightweight, well-designed, and high-value-added jewelry products remain popular, benefiting merchants' profitability [1] - In the first half of 2025, China's gold consumption is projected to be 505.205 tons, a year-on-year decrease of 3.54%. Gold jewelry consumption is expected to be 199.826 tons, down 26.00%, while gold bars and coins are expected to increase by 23.69% to 264.242 tons [1] - The rise of social media has transformed gold jewelry into a cultural symbol and social currency, particularly among younger consumers who are driving the trend towards personalized and youthful consumption [1][4] Group 2 - Generation Z is emerging as a new main force in the gold consumption market, with consumers aged 18 to 34 purchasing gold jewelry more frequently than other age groups [4] - Young consumers are increasingly interested in unique designs and emotional expressions conveyed through jewelry, favoring products with cultural significance and brand stories [4] - Industry leaders like Chow Tai Fook are leveraging IP collaborations to attract younger consumers, with successful product lines such as the Chow Tai Fook x Black Myth series generating over 150 million RMB in retail value since its launch [4][7] Group 3 - The rise of the "two-dimensional economy" and "grain economy" presents new opportunities for traditional industries, including jewelry, prompting companies to adapt to new consumer trends [7] - Companies are focusing on identifying IP resources that align with their brand positioning to launch diverse IP jewelry products tailored to various consumer segments [7]

Domestic Gold Market - The overall gold prices in domestic brand stores remained stable compared to last Friday, with Chow Sang Sang experiencing a two-day price increase, reaching 1012 CNY per gram, the highest among gold stores [1] - Shanghai China Gold quoted the lowest price at 969 CNY per gram, resulting in a price difference of 43 CNY per gram between the highest and lowest priced stores [1] - The latest gold prices from various brands are as follows: Lao Miao 1004 CNY, Liu Fu 1008 CNY, Chow Tai Fook 1008 CNY, and others, with no significant changes except for Chow Sang Sang [1] Platinum Prices - Platinum prices rebounded after a significant drop on Saturday, with Chow Sang Sang's platinum jewelry price increasing by 3 CNY to 581 CNY per gram [1] Gold Recycling Prices - The gold recycling price saw a slight increase of 3.3 CNY per gram, with significant price differences among brands: the average recycling price is 765.20 CNY per gram, while Lao Feng Xiang offers the highest at 778.20 CNY [2] International Gold Market - Last Friday, spot gold prices rose, peaking at 3361.05 USD per ounce before closing at 3349.42 USD, marking a 0.31% increase [4] - As of the latest update, spot gold is trading at 3367.69 USD per ounce, reflecting a 0.55% increase [4] - The rise in gold prices is attributed to increased demand for safe-haven assets due to U.S. tariff policies and geopolitical tensions in the Middle East and Ukraine [4] - Concerns over the expanding U.S. debt and potential tariff escalations are expected to continue driving the gold market [4] - Recent U.S. inflation expectations and consumer confidence data have influenced market sentiment, with inflation expectations dropping to 4.4% from a previous 5.0% [4]

Core Viewpoint - The article discusses the contrasting trends in gold prices, with international gold prices slightly rising while domestic prices are experiencing a significant decline, highlighting the complexities of the gold market dynamics [2][3][6]. Domestic Market - The benchmark gold price on the Shanghai Gold Exchange closed at 770.96 yuan per gram, reflecting a decline of 0.67%, with daily fluctuations between 769.62 yuan and 772.00 yuan [3]. - Major banks have lowered their investment gold bar prices, with prices dropping to around 784 yuan per gram for institutions like ICBC and Bank of China, marking a decrease of 0.67% [3]. - The gold T+D futures contract price was reported at 770.94 yuan per gram, down by 3.49 yuan, or 0.45% [3]. Brand Retail Market - Brand jewelry stores are selling gold at a significant premium, with Chow Tai Fook priced at 1008 yuan per gram and Lao Feng Xiang at nearly 1007 yuan per gram, representing a premium of 25% to 30% over the benchmark price [4]. - The price differences among brands for investment gold bars are notable, with Chow Tai Fook at 892 yuan per gram and China Gold at 789 yuan per gram, indicating high additional costs associated with brand jewelry [4]. Recovery Market - The gold recovery market is experiencing low prices, with 999 purity gold recovery prices fluctuating between 758 yuan and 760 yuan per gram, significantly lower than retail prices [5]. - The recovery prices for various gold purities (18K, 22K, 14K) are also considerably reduced, reflecting a 25% to 30% lower price compared to retail benchmark prices [5]. International Market - The international gold market showed mild fluctuations, with New York futures gold prices closing at 3334.3 USD per ounce, a slight decrease of 0.10% influenced by the U.S. Producer Price Index (PPI) [6]. - The exchange rate of the U.S. dollar to the Chinese yuan was reported at 7.1684, contributing to the instability of gold prices denominated in yuan [6]. Influencing Factors - The fluctuations in gold prices are attributed to multiple factors, including U.S. CPI data, global risk aversion due to tariff policies, and the volatility of the RMB/USD exchange rate [7]. - These international events have led to short-term price oscillations in the gold market, increasing trading activity [7]. Investment Strategies - For ordinary investors, bank gold bars are currently the most cost-effective option, with a premium rate of only around 5% [9]. - Purchasing gold from wholesale markets like Shui Bei can yield prices lower by over 200 yuan compared to brand stores, emphasizing the importance of choosing the right purchasing channel [9].

Group 1: Overview of Precious Metals Market - The global precious metals market is experiencing a strong upward trend, with gold prices reaching $3347 per ounce and silver prices at $37.1 per ounce, indicating a continued rise in investment interest [1] - Domestic gold prices are reported at 772 RMB per gram, silver at 8.37 RMB per gram, and platinum at 320.5 RMB per gram, reflecting a similar upward movement in the local market [1] Group 2: Domestic Gold Prices and Trends - Major jewelry brands such as Chow Tai Fook and Luk Fook maintain gold prices at 1005 RMB per gram, while others like Chow Sang Sang and Lao Feng Xiang show slight increases to 1006 RMB per gram [2] - The price variations among brands are attributed to brand premiums, operational costs, and market strategies [2] Group 3: Bank Gold Bar Price Analysis - Different banks offer varying prices for gold bars, with China Construction Bank's Long Ding gold bar priced at 787.9 RMB per gram, while Agricultural Bank's product is slightly higher at 794.77 RMB per gram [3] - The highest-priced gold bar is from Pudong Development Bank at 798.2 RMB per gram, reflecting brand positioning and market strategy [3] Group 4: Shanghai Precious Metals Exchange Data - The Shanghai Precious Metals Exchange reports that Au9999 gold is priced at 773.30 RMB per gram, showing a slight increase of 0.18% from the opening price [4] - Au9995 gold has seen a decrease of 0.70%, indicating localized adjustments within the overall upward trend [4] Group 5: 2025 Panda Gold Coin Market - The 2025 Panda gold coin series features a wide price range, with the 1 kg coin priced at 480,000 RMB and the 1 gram coin at 1,117 RMB, catering to various collectors and investors [5] - Other collectible coins, such as the 150 gram square gold coin priced at 90,000 RMB, highlight the unique value in the collectible market [5] Group 6: Factors Driving Precious Metal Price Increases - The recent strong performance in precious metals, particularly silver and platinum, is driven by supply-demand imbalances and macroeconomic factors [6] - The silver market has faced a supply shortage since 2021, while platinum production has been hindered by aging equipment in major producing regions, with a projected shortfall of 68,300 ounces in 2024 [6] - Demand for silver is surging due to the growth in industries like electric vehicles and photovoltaics, with silver usage in the photovoltaic sector increasing by 63.86% in 2023 [6] Group 7: Conclusion on Precious Metal Price Trends - The ongoing price increases in precious metals are a result of persistent supply shortages contrasted with robust demand growth, which is expected to continue influencing the global economy [7]

Overall Market Trends - The global precious metals market showed strong upward momentum on July 6, 2025, with London spot gold prices closing at $3,347 per ounce, a slight increase from the previous day, and silver prices reaching $37.1 per ounce, marking a nearly ten-year high [1] - Domestic market prices also surged, with real-time gold prices at 772 RMB per gram, silver at 8.37 RMB per gram, and platinum at 320.5 RMB per gram, reflecting a close relationship with global economic conditions and supply-demand dynamics [1] Domestic Brand and Bank Gold Prices - Major domestic brands like Chow Tai Fook and Luk Fook Jewelry maintained gold prices at 1,005 RMB per gram, while some brands like Chow Sang Sang and Lao Feng Xiang saw slight increases of 2 RMB and 3 RMB, respectively [2] - Bank gold bar prices varied, with China Construction Bank's gold bar priced at 787.9 RMB per gram and Shanghai Pudong Development Bank's at the highest, 798.2 RMB per gram, indicating differences in brand positioning and market strategies [2] Shanghai Precious Metals Exchange Insights - The trading data from the Shanghai Precious Metals Exchange confirmed the market's overall activity, with Au9999 gold trading at 773.30 RMB per gram, reflecting a daily increase of 0.18%, while Au9995 gold saw a slight decline [4] - The price fluctuations indicate a cautious market sentiment and expectations regarding future trends [4] 2025 Panda Gold Coin Market - The 2025 Panda gold coin series demonstrated significant collectible and investment value, with the gold set priced at 47,377 RMB and a 1-kilogram commemorative coin at 480,000 RMB, catering to various investor needs [5] - Unique designs of square and colored coins also attracted collectors [5] Price Upward Logic Analysis - The continuous rise in precious metal prices is attributed to supply-demand imbalances and macroeconomic factors, particularly notable in silver and platinum markets [6] - Since 2021, the silver market has faced persistent shortages, while platinum supply issues, particularly from South Africa, have led to a forecasted market gap of 683,000 ounces in 2024 [6] Demand Side Dynamics - Demand for silver has surged in sectors like new energy vehicles and photovoltaics, with silver usage in the photovoltaic industry increasing from 3,672 tons in 2022 to 6,017 tons in 2023, a growth of 63.86%, and projected to reach 7,217 tons in 2024 [7] - The industrial demand for platinum is also robust, driven by applications in automotive catalytic converters and the recovery of the chemical sector [7] - The increasing demand in emerging industrial fields has exacerbated supply-demand conflicts, indicating a complex market landscape [7]

Group 1 - The gold recycling market shows a diverse pricing system, with the standard price for pure gold at 756 RMB per gram, while prices vary significantly based on purity levels [1] - The international gold price is currently at 3314 USD per ounce, while domestic prices are around 767.3 RMB per gram, indicating a notable difference in pricing strategies among various brands [2] - The Shenzhen Shui Bei gold market offers a range of products with slight price variations based on purity, with prices for different gold types reflecting market dynamics and consumer preferences [3] Group 2 - Central banks globally are increasing their gold reserves as a response to declining confidence in the US dollar and rising geopolitical risks, with significant purchases reported from countries like Poland and Azerbaijan [4] - In the first half of the year, gold has emerged as a favored asset class, with a year-to-date increase exceeding 25%, outperforming other major asset categories [6] - The paper platinum market shows slight price variations among major banks, with quotes for platinum differing marginally, reflecting market competition and pricing strategies [7]

Core Viewpoint - The article discusses the resurgence of platinum jewelry in China, driven by rising prices and changing consumer preferences, despite a long-term decline in demand and recognition among younger consumers [3][4][14]. Group 1: Market Trends - Platinum jewelry consumption in China has significantly declined from 45 tons in 2016 to 12.75 tons in 2024, with approximately 60% of the market demand previously supported by strong consumer interest [3][4]. - In 2025, platinum prices surged by 40%-50%, with leading brands like Chow Tai Fook and Lao Feng Xiang reintroducing platinum jewelry to their offerings [4][6]. - In April 2025, China imported 11.5 tons of platinum, marking the highest monthly import in a year, indicating renewed interest from jewelers and investors [6]. Group 2: Financial Performance of Jewelry Brands - The jewelry sector has faced challenges, with 13 out of 15 listed jewelry companies reporting a decline in net profits in 2024, and Chow Tai Fook's revenue dropping by 17.5% year-on-year [7][8]. - The gross profit margin for Chow Tai Fook has decreased from 29% in 2009-2017 to 20.5% in 2024, highlighting the pressure on profitability in the jewelry market [9][10]. - The demand for platinum jewelry is seen as a potential solution for brands struggling with declining gold jewelry sales, as platinum typically offers higher profit margins [9][10]. Group 3: Consumer Behavior and Preferences - Younger consumers, particularly Gen Z, show limited recognition of platinum, with less than 30% awareness among those born after 2000 [14][15]. - Despite a slight increase in platinum demand in 2024, the growth of 0.8% is considered negligible in the broader market context [15][16]. - The perception of platinum as less valuable compared to gold affects consumer interest, with many young consumers opting for alternatives like silver or gold-plated items [19][20]. Group 4: Supply and Demand Dynamics - The global supply of platinum is projected to decline, with a forecasted supply gap of 30 tons in 2025, driven by reduced production and increasing industrial demand [25][27]. - Industrial applications, particularly in the automotive sector, account for a significant portion of platinum demand, with expectations that hydrogen energy projects will further increase this demand [25][26]. - The recycling of platinum from jewelry remains low, contributing to supply constraints, as many jewelers lack the capability to recycle platinum effectively [29].