Core Viewpoint - The article discusses the recent fluctuations in international gold prices and their impact on domestic gold jewelry consumption, highlighting a shift in consumer behavior towards smaller gold items and increased interest in gold recycling and exchange programs [1][3][5][7]. Group 1: Gold Price Fluctuations - On June 10, international gold prices experienced significant volatility, dropping to $3301 per ounce before rebounding to $3332.63 per ounce [1]. - The Shanghai Gold Exchange issued a notice urging members to enhance risk management due to the unstable market conditions affecting precious metal prices [1]. Group 2: Consumer Behavior Changes - Despite the fluctuations in gold prices, consumer interest in gold jewelry remains, with daily transactions still reaching dozens, and peaking at over a hundred on weekends [3]. - Consumers are increasingly favoring smaller weight gold products to mitigate risks associated with price volatility, as well as preferring traditional gold, enamel, and intricately carved items [5]. Group 3: Gold Recycling and Exchange - The "exchange old for new" and gold recycling businesses are gaining traction, with many consumers opting to trade in older gold items for new ones or cashing out at high prices [7]. - Some jewelry stores are offering free gold testing services to facilitate the exchange process, leading to a significant increase in exchange business volume, reportedly by over 30% to 50% [9]. Group 4: Central Bank Gold Reserves - As of the end of May, China's central bank reported a gold reserve of 73.83 million ounces (approximately 2296.37 tons), reflecting a month-on-month increase of 6,000 ounces [11]. - The World Gold Council's survey indicates that 69% of central banks expect the share of gold in global reserves to rise over the next five years, contrasting with a declining expectation for the share of U.S. dollar reserves [11].