Recently, the price of gold surged to $3,950 per ounce. With the increase in international gold prices, several Chinese domestic gold jewelry brands are setting new highs in prices, with most reaching 1,130 yuan per gram. Chow Tai Fook gold jewelry is priced at 1,141 yuan per gram, while Lukfook, Chow Sang Sang, and Lao Feng Xiang are all priced at 1,139 yuan per gram, and Lao Miao Gold’s jewelry prices are at 1,138 yuan per gram.
On October 6, the spot gold price in London briefly rose to $3,958 per ounce, breaking the $3,900 mark for the first time and hitting a new historical high.
Influenced by the continuous rise in gold prices, related Hong Kong stocks collectively strengthened on October 6. By the close of October 6, Zijin Mining International rose by 8.24%, Shandong Gold rose by 5.25%, and Chifeng Gold rose by 4.87%.
Starting from October 1, the price of gold has been climbing steadily. Gold investment bars in China are reported at 907 yuan per gram, with gold bars on the Shanghai Gold Exchange priced at 874 yuan per gram. Prices of pure gold jewelry from various domestic gold jewelry brands have remained at high levels without significant fluctuations.
According to reports by Daily Economic News, on October 4, Chow Tai Fook’s pure gold jewelry was priced at 1,136 yuan per gram, Chow Sang Sang at 1,129 yuan per gram, and Lao Feng Xiang at 1,131 yuan per gram.
As the price of gold hit a new historical high on October 6, according to reports by The Paper, on October 6, many domestic gold jewelry brands saw their prices mostly at 1,130 yuan per gram. Chow Tai Fook’s pure gold jewelry was priced at 1,141 yuan per gram, while Lukfook, Chow Sang Sang, and Lao Miao Gold were all priced at 1,139 yuan per gram, and Lao Feng Xiang at 1,138 yuan per gram.
At the beginning of January and April this year, the international gold price experienced two rapid rises in price, climbing from $2,600 per ounce at the beginning of the year to a rapid increase to $3,400 per ounce.
After fluctuating around $3,300 per ounce for about four months since September, the spot gold price once again broke through the $3,500 per ounce mark on September 2, hitting a historical high of $3,600 per ounce on September 6. Just 10 days later on September 16, the spot gold price in London reached $3,700 per ounce, breaking through the $3,800 per ounce mark on September 23. On October 6, it again surpassed $3,900 per ounce. Since the beginning of the year, the spot gold price has accumulated an increase of $1,300 per ounce, a surge of over 50%.
Amidst the strong rise in gold prices, Goldman Sachs has once again raised its gold target price. Goldman Sachs has significantly raised its year-end 2026 gold price forecast to $4,900 per ounce, up $600 from its previous forecast of $4,300 per ounce, an increase of nearly 14%. Goldman Sachs analysts stated that this adjustment is based on the 17% increase in gold prices since August 26 driven by “sticky” inflows, primarily from Western ETFs and central bank purchases.
However, while most domestic and foreign institutions, experts, and market sentiments are bullish on the gold price, some businesses selling gold jewelry in China appear cautious. They are hesitant to stockpile gold primarily due to the common understanding that higher prices entail greater risks, as well as concerns about operational safety.
Wu Fei, a major shareholder of a gold shop in Jinan, Shandong, stated in an interview with China News Service that from a personal standpoint, he is investing in gold appropriately, but as an operator of a gold shop, the focus is on profit margins and cash flow in the long run, rather than the income brought by premiums. Therefore, the sharp rise in gold prices is exerting greater financial pressure on the operation of gold shops, leading them to be more cautious.