Core Viewpoint - The jeweler is implementing a strategy to reduce its dependence on silver under the leadership of its newly appointed Chief Berta de Pablos-Barbier [1] Company Strategy - The new strategy focuses on diversifying materials used in products to lessen reliance on silver [1]

Group 1 - The precious metals market experienced significant volatility on the 26th, with COMEX gold futures breaking through the $5,100 mark, setting a new historical high, before sharply dropping below $5,000, a decline of over $110 from the peak [1] - On the 27th, during the Asian early trading session, both gold and silver rebounded quickly, with spot gold rising over 1% and spot silver surging more than 5% [1] - Domestic brand gold jewelry prices were adjusted upwards, with several brands approaching 1,600 yuan per gram [1] Group 2 - According to data, Chow Tai Fook and Chao Hong Ji's gold jewelry is priced at 1,585 yuan per gram, an increase of 7 yuan per gram in a single day; Liufuk Jewelry's gold jewelry is priced at 1,583 yuan per gram, also up by 7 yuan per gram; Zhou Liufu's gold jewelry is at 1,580 yuan per gram, up by 7 yuan per gram; and Chow Sang Sang's gold jewelry is priced at 1,577 yuan per gram, with a daily increase of 3 yuan per gram [3] - The current price for gold (jewelry and ornaments) is 1,585 yuan per gram, while the investment gold price is 1,390 yuan per gram, and gold bars and nuggets are priced at 1,575 yuan per gram [6]

Group 1 - The global precious metals market experienced a significant surge, with COMEX gold surpassing $4500 per ounce and spot gold breaking the $4400 per ounce mark, marking an annual increase of over 68% [1] - Domestic gold prices also rose sharply, with major retailers like Chow Tai Fook and Lao Feng Xiang increasing their gold prices to 1403 RMB per gram and 1399 RMB per gram respectively, reflecting daily increases of 36 RMB and 34 RMB [2][3] - Platinum and silver prices also saw remarkable increases, with platinum prices exceeding $2000 per ounce for the first time since 2008, and domestic platinum prices reaching 950 RMB per gram [5] Group 2 - The surge in precious metal prices is attributed to a combination of factors, including heightened geopolitical tensions and expectations of interest rate cuts by the Federal Reserve, which have bolstered demand for gold and silver as safe-haven assets [8][9] - Analysts predict that the ongoing demand from global central banks will provide a stable foundation for gold prices, with expectations of continued price increases leading up to the holiday season [10] - Regulatory bodies have begun implementing measures to mitigate risks associated with the rapid price increases in precious metals, including adjustments to trading limits and transaction fees for silver futures [12][13]

India imposed curbs on some platinum jewelry imports, another step to tighten control over the precious metals trade and plug revenue leakages https://t.co/pIhbLWF8YP ...

Investment Rating - The report maintains a cautious stance on inflation forecasts while awaiting further policy actions [3][19]. Core Insights - The year-on-year Consumer Price Index (CPI) turned positive in June, marking a surprise after four consecutive negative readings, which may indicate potential reflation in China [3][4]. - The Producer Price Index (PPI) deflation deepened unexpectedly, highlighting a divergence in price trends among different sectors, particularly between auto and steel prices [4][19]. - The report emphasizes the importance of supply-side reforms (SSR2.0) and the role of demand in shaping inflation expectations [19]. Summary by Sections CPI Analysis - The CPI reading for June was +0.0% YoY, compared to a prior reading of -0.1% YoY, with a sequential change of -0.1% MoM [3][5]. - Significant price increases were noted in the "other goods and services" category, which includes jewelry, with a +8.1% YoY change [5][8]. - Core inflation rose by +0.7% YoY, with core goods prices increasing by 0.9% YoY [5][19]. PPI Analysis - The PPI reading was -3.6% YoY, contrasting with market expectations of a narrower contraction [4][19]. - The PPI for the auto sector showed stabilization, while ferrous metals and non-metallic minerals reported negative changes, indicating a mixed outlook for SSR2.0 candidates [4][19]. Supply Side Reform Insights - The report suggests that the upcoming Politburo meeting and action plans from relevant ministries will be crucial for future inflation trajectories [19]. - The divergence in price trends between sectors like steel and auto underscores the need for targeted demand-side policies [19].

Group 1 - The core point of the news is the significant increase in gold prices, with spot gold reaching a high of $3,387.09 per ounce, marking a daily increase of 1.08% [1] - COMEX gold futures also saw a rise, reported at $3,378.00 per ounce, with a daily increase of 1.68% [1] - The price of gold jewelry has increased by over 20 to 200 yuan compared to the holiday period [1] Group 2 - Physical gold prices have risen from the low prices during the May Day holiday, with major retailers like Chow Tai Fook and Chow Sang Sang pricing gold at 1,026 yuan per gram, reflecting a rise of 2.81% [5] - The price of gold at various retailers has shown significant increases overnight, with some products rising by over 20 to 200 yuan [5] - The gold price in the domestic market reached a high of 1,061 yuan per gram on April 22, 2023 [7] Group 3 - The gold price has seen a cumulative increase of over 26% this year, with the World Gold Council reporting that global gold prices broke historical highs 20 times in the first quarter [9] - Despite the rising gold prices, global gold jewelry consumption has decreased by 21% year-on-year, reaching the lowest level since 2020 [9] - There has been a significant increase in gold investment demand, with a total of 551.9 tons in the first quarter, representing a year-on-year increase of 170% [9]