Domestic gold jewelry markets have experienced their first price hike of the year at the beginning of 2026.
"This ancient-method crafted solid gold bracelet was priced around 27,000 yuan a few days ago. Due to continuously rising costs, the group recently made a unified adjustment to the prices of some fixed-price jewelry items, and it now sells for approximately 31,000 yuan," stated a customer service representative from Chow Sang Sang's Tmall flagship store on January 10. Simultaneously, staff from several of the brand's offline stores confirmed that the prices of fixed-price "lucky beads" have also been raised, with a single item increasing by about 200 yuan.
Prior to this, the rise in international gold prices during 2025 had already been transmitted to the retail end, leading brands such as Chow Sang Sang, Chow Tai Fook, and Lao Feng Xiang to increase the prices of their fixed-price gold jewelry. During visits, it was noted that at the start of 2026, not only have the prices of fixed-price gold items from various brands been raised, but the per-gram price of domestic jewelry gold has also continued to climb, with real-time quotes from major gold jewelry brands once again approaching 1,400 yuan per gram.
"Today's listed per-gram gold price is 10 yuan higher than yesterday's, and it has accumulated an increase of at least 30 yuan this week," mentioned a staff member at a gold jewelry store in a large shopping mall in Beijing's Chaoyang District on January 10.
In the gold display section of the mall, compared to the New Year's Day period, customer traffic has slightly decreased. Only in front of brand stores offering significant promotions were there still consumers stopping to browse and make purchases.
The root of this round of domestic jewelry gold price increases still lies in the stabilization and recovery of international gold prices. As of the close on January 9, the spot gold price had rebounded to above $4,500 per ounce, and the COMEX gold futures price also rose to $4,518.4 per ounce, both just a "stone's throw away" from their previous historical highs.
Liu Siyuan, Chief Analyst at Lingxiu Finance, commented that in the short term, on one hand, escalating regional geopolitical risks have triggered a rapid influx of避险 funds into the gold market, thereby pushing international gold prices higher quickly. On the other hand, influenced by last Friday's US non-farm payroll data falling below expectations, gold bulls have maintained strong momentum, coupled with market expectations for Federal Reserve interest rate cuts. These factors are supporting a震荡上涨 in short-term international gold prices. In the long run, whether it's the continuation of the Fed's rate-cutting policy in 2026 or central banks worldwide continuously increasing their gold reserves to hedge against risks, both are expected to underpin demand in the spot gold market.
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