Core Viewpoint - The recent surge in gold prices has led to varied consumer behaviors in the gold jewelry market, with some seeking to cash in on profits while others rush to purchase amid rising prices [1][8]. Price Trends - As of October 20, domestic gold jewelry prices have reached approximately 1200 CNY per gram, a 46.3% increase from 820 CNY per gram in January [1]. - New York gold futures have surpassed 4372.7 USD per ounce, with a daily increase of 1.58% [1]. Market Dynamics - The average daily gold recycling volume has reached around 30 grams, with consumers primarily opting for "old-for-new" exchanges rather than selling gold bars or bricks [1]. - There is a significant price disparity between wholesale and retail markets, with retail prices exceeding wholesale prices by over 20% [4]. Consumer Behavior - Consumers are increasingly favoring lightweight gold jewelry (under 5 grams) to meet decorative needs while minimizing investment costs [4]. - The trend of "one-price gold" has emerged, where certain gold products are perceived as offering better value compared to fluctuating market prices [7]. Investment and Economic Factors - Central banks globally are increasing gold reserves, with a reported net purchase of 415 tons in the first half of 2025, and 95% of surveyed central banks plan to continue increasing their gold holdings [8]. - The anticipated interest rate cuts by the Federal Reserve are expected to enhance the appeal of non-yielding gold as an investment [8]. - The influx of funds into global gold ETFs, totaling 260 billion USD in the third quarter, has contributed to a "buying momentum" in the market [8].