On December 23, many gold shops in the country saw the price of pure gold jewelry exceed 1400 yuan per gram, continuing to set a historical high. This price change is not an isolated phenomenon but a necessary result of the strengthening of international gold prices, changes in supply and demand in the domestic market, and the resonance of the global monetary environment. It also reflects the deep changes in the gold consumption and investment market.
From a price-driven perspective, the continued rise of international gold prices is the core driver. Expectations of Federal Reserve easing have increased, the U.S. core PCE price index has consistently fallen below expectations, and market bets on interest rate cuts in 2026 have continued to increase. The weakening of the U.S. dollar index and the decline in U.S. Treasury yields have jointly pushed up the international spot gold price, making the rise in domestic gold jewelry prices linked to international gold prices a norm. Meanwhile, the global central bank gold buying spree continues, with the People's Bank of China increasing its gold holdings for 13 consecutive months. The strategic gold buying behavior of global central banks provides medium- to long-term support for gold prices and gives a solid fundamental basis for the rise in domestic gold jewelry prices.
From the consumer side, the new high in gold prices has not suppressed market consumption enthusiasm; instead, it shows a characteristic of 'buying on the rise and not on the fall.' On one hand, the consumption attribute of gold jewelry is gradually merging with its value preservation attribute, as consumers see gold jewelry as a choice that combines decoration and asset preservation. During the upward cycle of gold prices, purchasing gold has become one of the ways to combat inflation; on the other hand, with the year-end holiday consumption peak approaching, holidays like Christmas and New Year are driving demand for gold gifts, and the traditional consumption in the wedding market also provides stable demand support for the gold jewelry market. Multiple consumption scenarios are overlapping, pushing both the sales and prices of gold jewelry higher.
The changes in the investment market are also worth noting. The price of gold jewelry has exceeded 1400 yuan per gram, which means that the investment threshold for physical gold has further increased, leading to a divergence in choices among ordinary investors: some investors are turning to low-cost gold investment tools such as gold ETFs and paper gold, seizing the benefits of rising gold prices through financial products; while investors who prefer physical gold are more inclined towards investment gold products like gold bars and coins, rather than the higher-priced jewelry gold. This divergence reflects investors' increasingly mature understanding of gold investments, as they no longer rely solely on physical jewelry for gold asset allocation.
However, it is important to be cautious, as the high price of gold jewelry also conceals volatility risks. In the short term, international gold prices may be influenced by factors such as the rebound of the US dollar index and fluctuations in market sentiment, leading to a potential correction, and domestic gold jewelry prices will also fluctuate accordingly; in the medium to long term, gold prices will still be dominated by global monetary policy, geopolitical factors, and central bank purchases of gold. If the pace of interest rate cuts by the Federal Reserve does not meet expectations, the upward trend in gold prices may slow down. For consumers, it is necessary to view the rise and fall of gold prices rationally and avoid blindly following trends in purchases; for investors, they should choose suitable gold investment channels based on their own risk tolerance, rather than simply chasing after rising physical gold jewelry.
The price of gold jewelry standing at 1400 yuan per gram is a reflection of a new phase in the gold market. In the future, as the global economy and monetary environment change, the logic of gold consumption and investment will continue to evolve, and market participants will also need to find more rational decision-making directions amid price fluctuations.
