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"What is the current buyback price for gold bars?" In a gold buyback shop in Beijing's Fengtai District, a woman stared at the real-time gold price on her phone and inquired with the shop owner, while several other citizens queued behind her; over ten kilometers away, at the Lao Pu Gold counter inside a shopping mall in Chaoyang District, the line snaked back and forth, with one consumer wryly remarking, "I've been queuing for three hours just to buy a gold gourd necklace."
These are two contrasting scenes observed by a Securities Daily reporter during recent field visits to Beijing's gold market. Since the beginning of 2026, gold prices have repeatedly hit record highs, surging past a historic peak of $5,598 per ounce before abruptly reversing course—on January 30th, gold experienced its largest single-day drop in 40 years. Data shows that from January 30th until the time of writing on February 2nd, the spot price of London gold has accumulated a decline of over 11%.
The highly volatile market conditions have simultaneously ignited consumer desires to cash out and purchase gold—the intertwined mindsets of "taking profits off the table" and "getting in while you can" have created the unique phenomenon of a "buyback boom" coexisting with a "buying frenzy" in the current gold market.
"This reflects differing consumer judgments and demand variations regarding the value of gold as an asset," Liu Siyuan, Chief Analyst at Lingxiu Finance, told the Securities Daily. He explained that those cashing out seek to realize short-term gains, while buyers value its long-term store-of-value properties; together, they constitute the diverse ecosystem of the current gold market. Gold prices are influenced by various factors including the global economic situation and geopolitics, and the risks of volatility cannot be ignored. Consumers, whether selling or buying, should remain rational and make reasonable decisions based on their own needs.
The gold buyback market presents diverse channels with varying pricing and entry thresholds.
"We're so busy we don't even have time to eat," remarked a staff member at a gold buyback store in Beijing's Fangshan District on January 29th, while weighing a customer's gold jewelry. This scene vividly illustrates the recent fervor in the gold buyback market.
To understand the true state of the current gold buyback market, the Securities Daily reporter conducted multiple investigations and found that domestic buyback channels now present a diversified landscape, with banks, branded gold stores, pawnshops, specialized buyback shops, and second-hand trading platforms each occupying a niche. Different channels exhibit certain variations in terms of buyback thresholds, pricing standards, and inspection procedures.
Specifically, banks are the preferred choice for many investment gold bar holders, but most state-owned banks only buy back bars they originally issued. At a major state-owned bank's Beijing Xuanwu sub-branch, the reporter learned that its buyback price references the real-time board price of the Shanghai Gold Exchange, which can be checked anytime via mobile banking. A handling fee of 4 yuan per gram is deducted during the buyback.
"If the gold bar's certificate is missing, the fee increases to 7 yuan per gram, and if the plastic seal is damaged, it rises to 8 yuan per gram," a bank staff member cautioned. Appointments for gold bar buybacks must be made one day in advance, and consumers need to bring their ID card and bank card for an in-person counter transaction.
Branded gold stores attract customers based on their reputation. At a Chow Tai Fook counter in Fangshan District, the reporter saw an electronic display at the entrance scrolling through information such as the day's retail gold price and buyback price. On the day of the visit (January 29th), the gold jewelry price was 1,706 yuan per gram, while the gold buyback service price was 1,191 yuan per gram. Counter staff indicated that recent high buyback prices have attracted a significant number of customers looking to sell or inquire, including some large transactions: "One customer sold a gold bracelet weighing over 50 grams, making a profit of more than 40,000 yuan." It is understood that the store currently only buys back its own branded products, requires presentation of an ID card and bank card, and funds are transferred approximately 10 minutes after inspection.
In contrast, pawnshops and specialized buyback shops have fewer restrictions, covering a wider range of liquidation needs. A staff member at a Huaxia Pawnshop branch explained that pawnshops support both "live pawn" pledges and "dead pawn" outright sales. "Dead pawn" refers to gold buyback, with the price roughly being the real-time board price minus over ten yuan, with no other fees; settlement is based on the actual weight after fire assay, and the final amount received is the post-assay weight multiplied by the real-time quote. Consumers selling gold also need to bring their ID card and a primary savings card in their name; funds are disbursed through the pawnshop's corporate account and can be received in real-time.
The gold buyback price at the aforementioned Fangshan District store also "follows" the real-time board price. Specifically, gold bar buyback prices are about 25 yuan per gram lower than the board price, while gold jewelry is about 40 yuan per gram lower. "If the quantity of gold jewelry being sold is large, we can negotiate to settle at the gold bar buyback price," said a staff member at the store.
Online second-hand trading platforms are also important liquidation channels. At a Zhuan Zhuan offline service point, staff told the reporter that the platform's buyback price is based on the Shanghai Gold Exchange's real-time board price, minus a service fee. However, the service fee standards differ for gold bars and jewelry. Based on that day's quote, service fees had a "limited-time 30% discount" applied: after discount, the fee for gold bars was 19.23 yuan per gram, and for gold jewelry, 38.42 yuan per gram. If the gold weight reaches 18 grams or more, the service fee displays a "limited-time 61% discount," reducing the discounted fee for gold bars and jewelry to 9.61 yuan per gram and 19.22 yuan per gram, respectively.
As the market heats up, irregularities have also emerged. Recently, many consumers have reported encountering unscrupulous merchant tactics.
On social media platforms, related complaints are commonplace: "They clearly agreed to 1,200 yuan per gram before the buyback, but after arriving, the merchant deducted fees under various names like 'depreciation fees' and 'refining fees,' bringing the final price down to less than 1,000 yuan per gram. It's a rip-off!"
The reporter's investigation found that "inflated quotes" are the most common tactic used by unethical buyback merchants: using prices higher than the real-time board rate as a lure to attract consumers, then finding excuses to lower the price during settlement.
Furthermore, short-weighting and downgrading purity are also common tricks: during weighing, using uncalibrated scales or adjusting scale precision to secretly reduce the recorded weight; during purity testing, employing unprofessional methods or deliberately concealing the true purity, then using reasons like "insufficient purity" or "impurities" to negotiate a lower price.
Notably, door-to-door buyback services are a hotspot for such malpractices. Unscrupulous operators exploit their mobile nature and tactics like quickly moving the acquired gold to deliberately create a situation with "no fixed address, no clear entity, and no traceable documentation." Once consumers discover a problem, they often cannot contact the merchant, making维权 extremely difficult.
"If consumers encounter such situations, they should immediately collect evidence including the other party's identity, communication records, transaction recordings, and file a complaint with market supervision authorities; if fraud is suspected, they should report it directly to the police," said Guo Lijun, partner at Beijing Zhongyin Law Firm, in an interview with the Securities Daily. He advised consumers to prioritize正规 channels like branded gold stores and banks when selling gold, supervise the entire transaction process, and demand written proof of transaction.
The Anhui Provincial Consumer Council recently also advised consumers to choose正规 buyback channels,优先 considering reputable branded gold stores, banks, or buyback businesses with physical stores and legal qualifications. For services promoted on online platforms, actively verify their registration details. It is crucial to clarify transaction details beforehand, using traceable methods to agree upon key information like the buyback price, pricing method, all fees, testing methods, and loss standards in advance, avoiding oral promises. Additionally, consumers should supervise the entire transaction process, carefully review the transaction agreement, and properly retain evidence for维权.
During the visits, many consumers selling gold shared their tips for avoiding pitfalls. In summary, before selling gold, consumers should always weigh it themselves beforehand to know the actual weight;尽量 choose physical stores for transactions, testing the scale's accuracy with an object like an ID card before weighing;优先 select merchants who can make on-the-spot payments with real-time fund transfer to avoid subsequent payment disputes and maximize the protection of their own interests.
While gold buyback counters are bustling, gold sales counters are also seeing long queues.
"Even though my year-end bonus hasn't been paid yet, the gold price dipped正好, so I treated myself to a 'Rose Window' pendant in advance," a woman who had just purchased jewelry at Lao Pu Gold on January 30th told the Securities Daily reporter. "Good thing I came early today, otherwise I might not have been able to buy it."
"Recently, there are long queues every day. Although there are purchase limits, popular styles will definitely sell out if you come late," consumer Ms. Zhong told the reporter, noting it was her second time queuing that week. "The New Year is approaching, I want to pick some gold jewelry as gifts for the elderly and children in the family. Gold retains its value and is also a respectable gift." Regarding the recent price fluctuations, she believes there's no need to focus on short-term volatility and remains optimistic long-term.
Interviews with multiple consumers by the Securities Daily reporter revealed that even amidst sharp gold price fluctuations, a significant number of consumers are still willing to "enter the market." Three main consumer logics underlie this trend: first, the prominence of保值 and hedging needs; second, the influence of a "bargain-hunting" mentality; third, the pull of holiday consumption and emotional demand.
Affected by the recent price drop, when the reporter revisited several branded gold stores on January 31st, sales staff uniformly reported an increase in gold-buying consumers. However, the reporter also noted that a service representative for a certain gold brand sent a message in a customer group stating: "All items ordered online cannot be returned due to the gold price drop; cancellations will incur a 500 yuan fee." The representative told the reporter that there had indeed been customer inquiries about returns following the price plunge.
Guo Lijun stated that gold, as a special commodity (precious metal), has different return/exchange rules compared to ordinary goods. For gold jewelry purchased online, if it is not customized and does not affect resale, a 7-day no-reason return policy generally applies. However, if the merchant clearly marked "does not support 7-day no-reason returns" before purchase and the consumer confirmed agreement, then原则上 the policy does not apply for non-quality issues. For gold goods purchased in physical stores, merchants普遍 implement a "no returns after leaving the counter" policy, which is an industry惯例, but the premise is that this rule must be prominently displayed and clearly communicated to the consumer at the time of purchase.
"Consumers should proactively understand return and exchange rules before buying gold, rationally assess market risks like price fluctuations, and avoid disputes arising from subjective changes of mind," Guo Lijun said. If gold goods genuinely have quality issues, consumers can, based on purchase receipts and quality inspection reports, and in accordance with regulations like the Consumer Rights Protection Law, legally demand returns, exchanges, repairs, or compensation from the merchant.
Whether it's the cashing-out热潮 in the buyback market, the buying frenzy in the sales market, or the ambivalence of some consumers wanting to return purchases, the core factor behind all these is the持续波动 of gold prices.
Wind data shows that the spot price of London gold has been rising steadily since the start of the year, climbing from around $4,318 per ounce in early January to a record high of $5,598.75 on January 29th. COMEX gold futures prices also rose同步, reaching a peak of $5,626.8 per ounce, also a record high.
Rising international gold prices also drove up domestic prices, quickly transmitting to the retail market, where branded gold jewelry prices surged. On January 29th, prices at many branded stores broke through 1,700 yuan per gram, showing a significant increase from the beginning of the year.
However, just as market enthusiasm peaked, the trend reversed sharply. On the evening of January 29th, the spot price of London gold plummeted, breaking through several key levels to fall below $5,100 per ounce. On January 30th, the battle between bulls and bears was exceptionally fierce, with the spot gold price dropping over 12% at one point, hitting a low of $4,682.552 per ounce intraday—its largest single-day decline in 40 years. On January 31st, domestic branded gold jewelry prices generally retreated, mostly quoted around 1,625 yuan per gram. On February 2nd, the spot gold price experienced further volatile declines; as of the time of writing, the intraday low was reported at $4,402.06 per ounce.
"The sharp decline in gold prices is the result of multiple factors resonating," said Wu Chaoming, Chief Economist at Caixin Financial Holdings, in an interview with the Securities Daily. "Firstly, gold's rapid surge in the short term led to significant technical overbought conditions, triggering substantial profit-taking by speculative funds. Secondly, leveraged trading mechanisms amplified volatility; the CME Group raising margin requirements for some gold futures triggered forced liquidations of long positions, creating a vicious cycle of 'decline-liquidation-further decline.' Thirdly, recently released US core PCE price data showed stabilization, leading to a recalibration of market expectations for Fed rate cuts; rebounding US Treasury yields and rising real interest rates压制 the appeal of non-yielding assets like gold. Fourthly, the US dollar index stabilized and rebounded, dampening demand for dollar-denominated commodities. Fifthly, geopolitical避险情绪 showed marginal easing."
Wu Chaoming further stated that in the short term, after a sentiment-driven surge, gold prices are returning to fundamental pricing logic, and increased volatility will become the new normal during this period of high-level fluctuation.
"The previous rise in gold prices was largely related to increased market避险情绪 and a weaker US dollar. However, considering the US decision to temporarily refrain from imposing comprehensive tariffs on key minerals including silver and platinum, and silver prices beginning to adjust after a sustained rapid rise, this has had some impact on gold price performance," Fan Rui, head of non-ferrous metals analysis at Guoyuan Futures, told the reporter. He added that the operation of gold prices this year is more complex compared to previous years, requiring close attention to the联动 effects between gold and silver prices, while also considering changes in market inflation expectations and fluctuations in market避险情绪.
Against the backdrop of substantial gold price volatility and diverging market sentiment, multiple industry participants and analysts told the reporter that consumers should remain rational and purchase gold reasonably based on their own financial capacity and needs.
"For ordinary investors interested in allocating to gold, they should尽量避免 chasing rallies and selling on dips, and avoid over-reliance on short-term speculation; they cannot ignore gold's long-term保值属性 and engage in frequent trading," said Qu Rui, Senior Associate Director of the Research and Development Department at Oriental Gold Rating. He emphasized that investors should focus on the strategic role of gold in asset allocation rather than solely speculating on price fluctuation profits.
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