On February 5th, the topic of “Gold jewelry prices surged by 11 yuan per gram” trended on social media. Mainland white-collar workers queued for 1.5 hours across cities to buy gold jewelry, while many people were shocked to see gold prices skyrocketing to nearly 900 yuan per gram, prompting comments like, “Who can still afford this?”
The spot price of gold reached a new record on February 5th, climbing to $2859 per ounce. COMEX gold also hit a historic high during the trading day, soaring to $2886 per ounce.
Since January 1, 2025, international gold prices have experienced five consecutive weeks of increase, with spot gold and COMEX gold prices rising over 8%, surpassing $210 per ounce.
Gold jewelry prices in mainland China have also risen accordingly. On February 5th, the prices of gold jewelry brands such as Chow Tai Fook, Chow Sang Sang, Lao Miao Gold, Lukfook Jewellery, and Chow Tai Seng were 863 yuan per gram each. Compared to early January, prices increased by over 50 yuan per gram, and compared to the eve of the Lunar New Year (January 26), prices rose by about 27 yuan per gram. On February 4th, Chow Sang Sang increased by 11 yuan per gram.
According to a report by Red Star News on February 6th, Ms. Zhou, a white-collar worker in Hangzhou, recently returned from a trip to Chengdu. She mentioned that the most unexpected part of her trip was buying gold jewelry in Chengdu, making the journey quite rewarding.
On January 30th, Ms. Zhou and her friends traveled from Hangzhou to Chengdu. That day, international gold prices hit a record high, and the retail prices at many domestic gold shops had risen to 846 yuan per gram.
In the evening, Ms. Zhou and her friends noticed a long queue outside a gold shop, and they waited for 1.5 hours before entering the store.
After entering the store, Ms. Zhou and her friends picked out their choices and ended up each buying a gold pendant, spending over 10,000 yuan in total.
Leaving the store after 7 p.m., they saw that the queue outside remained long.
Although gold jewelry has always been popular, if prices are too high, it may deter some consumers. Some who planned to purchase gold jewelry may now opt to wait due to the rising prices. This could potentially affect the sales of gold jewelry.
In a post on February 5th, blogger “Feng Tian 211” mentioned that the increased purchasing cost directly impacts consumers. For example, with an increase of 11 yuan per gram, consumers would need to pay an extra 330 yuan when buying a 30-gram piece of gold jewelry. This is a significant expense for the average consumer. Some consumers expressed that while they originally intended to purchase gold jewelry as a gift or investment, the high prices have forced them to reconsider.
Another post from Jiangsu blogger “iNick Healing Youth Music” on the 5th described a bustling scene in a shopping mall where the entrance of a gold shop was crowded with people. Among them, a young woman exclaimed, “Has the price of gold jewelry taken off like a rocket?” She had planned to buy a gold necklace as a birthday gift for herself, but upon seeing the prominent price tag of “864 yuan per gram,” her smile froze with disbelief in her eyes.
The article mentioned that the woman’s reaction reflects the sentiments of many consumers currently. While buying gold jewelry has always been a significant expense, the prices used to fall within the expected range for the general public. However, with the recent rapid surge in gold jewelry prices, nearing 900 yuan per gram, many people are astonished and questioning who can still afford it. At the counters of gold shops, customers are no longer as decisive in making purchases as before. Instead, they carefully compare prices, hesitate, and discuss with companions, often shaking their heads in resignation.
According to reports, the international gold price in 2025 may continue its upward trend. Firstly, gold serves as a hedge against economic uncertainties; secondly, the expected continuation of gold purchases by central banks worldwide is likely to support gold prices.