10月4日，COMEX黄金期货收涨1.14%，报3912.1美元/盎司，本周累计上涨3.23%，年内已涨超48%。现货黄金报收3886.47美元/盎司，年内也已涨超 48%。 国内金饰价格再创新高 黄金周金饰品消费热度不减 与此同时，10月4日，国内多个金饰品牌金饰克价再创新高。 每经编辑｜段炼 潘海福 黄金价格，再度迎来爆发。 周生生足金饰品每克1136元，周大福每克1129元，老凤祥每克1131元。 周生生 (how Sang Sang EMPHASIS MINTYGREEN MARCO BICEGO 帝舵表 周生生 PROMESSA 劳力士 | | | 金价(人民币) | | --- | --- | --- | | 足金饰品(每克) | 卖出 | #1136 | | | 换金价 | ¥990 | | | 换珠宝价 | ¥990 | | 950铂金饰品 (每克 ) | 卖出 | ¥647 | | | 换金价 | 2公众每9·江苏新闻 | | | CHOW TAI FOOK | | | | 周 大 福 | | | 全部商品 婚嫁 | CTF for YOU定制 | 企业业务 礼品卡 | 更新于2025年10 ...

黄金涨价，上海人慌了吗？有的人是真着急，有的人是在观望，还有些人其实无所谓——但在2025年9 月的这个节点上，所有人的步伐都被一克黄金牵动。国庆临近，金店门口人影交错，柜台里外的气氛， 像是刚下过雨的马路，闷、黏、带点刺鼻的焦灼。 换个角度看，2025年9月的国际金价已经比年初涨了9%，年内涨幅超过40%。没错，数字很吓人，你要 是去年年中买的，现在出手就是赚。可问题来了——一边是金价疯涨，金店收购却变慢了，回款周期拉 长，投资人急着出手，金店却只能慢慢消化。现场采访时，一个中年阿姨边数手里的金镯子边抱 怨，"早知道这么慢，当初还不如换成现金存银行"。 再往前推，8月25号，老铺黄金率先涨价，涨幅12.5%。琳朝半个月后跟着全线上调，生肖吊坠一克飙 到1815元，比原价高了525元。君佩在9月25日也涨了，五花手链10.8克卖到21900元，涨幅21%。这些 数字在柜台上闪烁，顾客心里却像压了块石头——到底是现在买，还是等一等再说？ 有个打金店的年轻小哥说，前几天有个客户要回购十几克黄金，听说要等七天才给钱，差点跟他翻脸。 店里只好和气解释："不是我们不想给，是上面钱没下来"。客户怔了一下，叹口气——"都不 ...

又涨疯了，金项链一夜贵7000元——当下黄金消费的微妙战局 周大福2025财年年报（截至3月31日）披露，受高金价影响，公司全年营业额下跌17.5%，计价黄金产 品销量更是跌了三成。但一口价产品营业额逆势增长105.5%，两大系列销售额40亿港元，营业额占比 从去年的19%涨到29%。公司毛利率直接拉到29.5%。这就是现实，不涨价，吃亏的不是品牌，是利润 表。 2025年9月28日，北京的空气透着点假期前的浮躁，荟聚商场门口，金店门前竖着大大的促销牌，不过 买金的人并不多，只有两三组顾客在店里转悠，看着价格标签时眼神明显比平时多了几分犹豫，像是准 备进考场的学生，进与不进都不爽利。 刘芳原本觉得自己预算两万块，能买个体面金镯子，结果一问，店员几乎没多想——"现在这价位，只 能买十几克，戴手上就像面条一样细"，说完还补一句："节后要涨三成，您要不要考虑下？"刘芳一脸 懵，嘴里的"再看看"还没落地，身后已有人在换价签。 9月27日那晚，潮宏基刚刚开业，柜台前人头攒动，优惠价低至988元一克，店员张惠已经喊哑了嗓 子，"再不买，明天就得加价！"她手上那条葫芦项链，11克，优惠完要15984元，比一天前硬生生贵了 ...

Group 1 - The core point of the news is that gold prices have surged over 30% since the beginning of the year, reaching a historical high of over $3545 per ounce on September 3 [1][3]. - The traditional peak consumption season for gold, known as "Golden September and Silver October," is approaching, leading to increased consumer interest in purchasing gold [3]. - In Shenzhen's Shui Bei area, the gold price reached 818 yuan per gram on September 3, with a buyback price of 796 yuan per gram, indicating a strong market activity despite rising prices [16][20]. Group 2 - The demand for gold jewelry, particularly for wedding-related purchases, has significantly increased as more weddings are scheduled in the second half of the year, especially around the National Day holiday [18][20]. - Retailers report that customers are purchasing gold in sets, typically starting with three pieces, reflecting the cultural significance of gold in wedding traditions [18][20]. - Despite the rising gold prices, the demand for wedding gold remains strong, categorized as a "necessity," which suggests resilience in consumer behavior even in the face of high prices [20][22].

Core Viewpoint - The international gold price has reached a new high, with a year-to-date increase of over 28%, leading to a surge in consumer interest in gold jewelry during the traditional peak season of "golden September and silver October" [1][3]. Price Movement - As of September 3, 2023, the prices for gold jewelry from major brands are as follows: Chow Tai Fook at 1053 CNY per gram, Luk Fook at 1053 CNY per gram, and Chow Sang Sang at 1056 CNY per gram, reflecting an increase of approximately 15-16 CNY per gram compared to the previous day [3][4]. Consumer Behavior - There has been a noticeable increase in gold jewelry sales, particularly for wedding-related purchases, as consumers are less sensitive to price fluctuations when it comes to essential items like wedding jewelry [5][10]. - The peak wedding season in the second half of the year, especially around National Day and the New Year, has led to increased foot traffic in jewelry stores, with many customers opting to buy sets of jewelry [5][8]. Market Dynamics - Despite rising gold prices, the demand for wedding jewelry remains strong, indicating that it is considered a necessity rather than a luxury [10]. - Retailers in the Shenzhen Luohu area have initiated promotional activities targeting newlyweds, such as free jewelry inspections for customers presenting marriage certificates [10].

Group 1 - The article highlights the rising gold prices, with spot gold reaching $3,545.985 per ounce, marking an increase of over 28% this year [14] - The traditional wedding season is approaching, leading to increased consumer interest in purchasing gold jewelry, particularly among those preparing for marriage [1][20] - Major jewelry brands such as Chow Tai Fook and Luk Fook have adjusted their gold jewelry prices, with prices rising approximately 15-18 yuan per gram recently [16][17] Group 2 - The demand for wedding gold jewelry remains strong despite rising prices, as it is considered a necessity for many consumers [24] - Retailers in the wedding jewelry sector have reported a noticeable increase in foot traffic since July, coinciding with the wedding season [20] - Consumers appear less sensitive to gold price fluctuations when it comes to purchasing wedding-related items, indicating a stable demand in this segment [24]

Core Viewpoint - The recent surge in gold prices, reaching historical highs, is driven by multiple factors including anticipated interest rate cuts by the Federal Reserve and geopolitical tensions, leading to increased demand for gold as a safe-haven asset [3][6]. Group 1: Factors Driving Gold Price Increase - Anticipation of interest rate cuts by the Federal Reserve has boosted gold prices [3]. - Geopolitical risks, particularly the escalation of the Russia-Ukraine conflict, have led investors to seek safe-haven assets like gold [3]. - Central banks globally are increasing their gold reserves, with a reported 3% year-on-year growth in global gold demand by Q2 2025, and the People's Bank of China has been consistently adding to its gold holdings [3]. Group 2: Impact on Consumers - The cost of purchasing traditional wedding gold items has significantly increased, with estimates suggesting an additional cost of nearly 10,000 yuan compared to the previous year [6]. - Ordinary investors are facing a dilemma; many are hesitant to buy gold at high prices due to fears of potential price drops, while others worry about missing out on further price increases [6]. - Gold shops are experiencing a mixed impact; while sales of gold jewelry have decreased, the demand for investment gold bars has risen as consumers tend to buy more when prices are increasing [6]. Group 3: Consumer Strategies - Consumers are advised to make purchases based on necessity; for urgent needs like wedding gold, it is recommended to buy simpler designs to manage costs [10]. - For investment purposes, it is suggested to avoid chasing high prices and instead wait for price corrections to buy in increments [10]. - Alternatives such as gold ETFs are recommended to mitigate the challenges of storing physical gold [10][11].

Group 1 - The price of gold jewelry in China has surpassed 1000 yuan per gram, leading to a surge in online discussions about buying gold, yet physical stores are experiencing a decline in customer traffic [1][3] - Despite soaring gold prices, traditional jewelry stores are closing down, including major players like Chow Tai Fook and Lao Feng Xiang, indicating a paradox where high gold prices do not translate to increased sales in jewelry [3][21] - The rapid increase in gold prices, from around 1800 USD per ounce in 2022 to 3000 USD, has not positively impacted the retail jewelry market due to the distinction between gold as an investment and gold jewelry as a consumer product [5][7] Group 2 - The jewelry industry has historically thrived on wedding customs, but the declining marriage rates and changing consumer preferences among younger generations are undermining this foundation [11][12] - In 2023, marriage registrations in China dropped to 6.8 million, less than half of a decade ago, leading to a significant reduction in demand for wedding-related gold jewelry [12] - Younger consumers are increasingly opting for alternatives like renting jewelry or purchasing imitation gold, reflecting a shift in attitudes towards traditional wedding customs [14] Group 3 - Banks are capitalizing on the gold investment trend by offering gold bars and other investment products with lower premiums and higher purity, making them more attractive compared to traditional jewelry [15][16] - The pricing strategy of jewelry stores, which often includes high premiums and additional costs, is becoming less appealing as consumers seek more transparent and cost-effective options [16][19] - The rise of direct sales models in markets like Shenzhen is disrupting traditional jewelry retail, as consumers prefer to buy at real-time gold prices with minimal markup [19] Group 4 - Reports of jewelry store closures and financial troubles are increasing, with major brands like Chow Tai Fook and Lao Feng Xiang significantly reducing their store counts due to financial strain [20][21] - Financial performance data shows declines in revenue and profit for leading brands, indicating that the traditional growth drivers of the jewelry market are failing [21] - The perception of gold as a safe-haven asset does not align with the reality of the jewelry market, which is struggling against high prices and new sales channels [22] Group 5 - The essence of gold as a hard currency and safe-haven asset contrasts sharply with the consumer nature of gold jewelry, which is vulnerable to economic downturns and changing consumer behaviors [22][24] - The evolving consumer mindset and market dynamics suggest that traditional jewelry stores must adapt their strategies rather than rely solely on rising gold prices to sustain their business [24]

Core Insights - The price of gold jewelry has dropped below 1000 yuan per gram, leading to increased consumer interest and foot traffic in jewelry stores [1][3] - Major brands like Chow Tai Fook and Lao Feng Xiang have seen their gold prices fall to around 998 yuan per gram, with smaller brands offering even lower prices [3] - The decline in gold prices is attributed to a strong US dollar and decreasing geopolitical risks, which have reduced the demand for gold as a safe-haven asset [3] Industry Trends - The recent drop in gold prices presents a buying opportunity for consumers looking to purchase gold jewelry [4] - Consumers are advised to choose reputable stores and verify the purity and quality of gold before making purchases [4] - Despite the current price drop, gold remains a significant asset for consumers, valued both for its aesthetic appeal and as a means of wealth preservation [4]

Core Viewpoint - The global precious metals market is experiencing significant volatility driven by geopolitical risks in Washington and the Middle East, as well as escalating trade tensions between the US and Europe [1] Geopolitical Risks - The turmoil in the Middle East, particularly the Houthi attacks on Iraqi oil fields, has led to a daily drop in oil production by 140,000 to 150,000 barrels, impacting the global energy market [4] - The issuance of missile safety alerts by the US Embassy in Israel has heightened risk-averse sentiment among investors [4] Federal Reserve Policy Divergence - Internal disagreements within the Federal Reserve are causing market fluctuations, with hawkish member Kugler opposing rate cuts while dovish member Waller advocates for a 25 basis point cut in July [2][5] - Market expectations for a July rate cut have risen from 28% to 30%, while the probability of a September cut remains at 54% [2] Trade Tensions - The escalation of the US-EU trade war, including a 40% tariff on EU steel starting August 1, has begun to impact the precious metals supply chain [6] - A factory owner in Dongguan reported a 50% drop in orders for 18K gold necklaces destined for the US, resulting in significant inventory losses [6] Market Volatility - A rumor regarding former President Trump's consideration to fire Fed Chair Powell caused gold prices to spike by $50 to a three-week high of $3,377 before dropping back down, illustrating the extreme volatility in the gold market [8] - Gold has experienced nine instances of daily fluctuations exceeding $35 since July [8] Precious Metals Price Movements - Platinum prices have surged to a two-month high of $1,408, driven by miner strikes in South Africa and the booming hydrogen vehicle market, while silver prices have declined due to weak global factory orders [8] - Domestic gold prices in Shanghai opened at 771.2 yuan per gram, slightly down from the previous day, while retail prices for gold jewelry are significantly higher due to additional costs [9] Central Bank Gold Purchases - Central banks globally are increasing their gold reserves, purchasing between 37 to 39 tons monthly, with China's central bank being the most aggressive, raising its reserves to 2,298 tons over the past eight months [9] - Some Nordic pension funds have increased their gold allocations to 14%, indicating a shift towards gold as a hedge against currency devaluation [9]