Gold Jewelry Prices Surge Overnight by 36 Yuan! Spot Gold Gains Over 70% YTD—What’s the 2026 Outlook?

Since 2023, spot gold has maintained a sustained upward trajectory. As of December 23, 2025, its year-to-date increase has exceeded 70%.

In early trading on December 23, London spot gold hit a historic high, breaking above the $4,480/oz threshold for the first time, with an intraday peak of $4,486.684/oz. Domestically, the Shanghai gold futures main contract also rallied, surpassing the 1,000 yuan/gram mark and reaching an intraday high of 1,016.86 yuan/gram, up over 2% for the day.

For gold jewelry, Chow Sang Sang’s pure gold products were priced at 1,403 yuan/gram, up 36 yuan from the previous day’s 1,367 yuan/gram. Lao Miao Gold’s pure gold jewelry rose to 1,402 yuan/gram, a 35 yuan increase from 1,367 yuan/gram.

Gold’s role in global asset allocation—its diversification benefits and risk-hedging function—has been widely recognized and prioritized by investors and policymakers worldwide.

Industry experts note that gold is no longer just a traditional safe-haven asset but has evolved into a strategic allocation tool within the global financial system. Amid complex macroeconomic conditions, it provides stability and value anchoring for investment portfolios.

In its December 23 morning report, Zhengxin Futures Research Institute analyzed that short-term factors like geopolitical tensions and U.S. rate-cut expectations will underpin precious metals, creating upward momentum with limited downside. However, volatility risks remain. Long-term drivers, including central bank purchases, industrial silver demand, ETF inflows, and robust investment-consumption demand, suggest persistent supply-demand gaps will sustain the bullish trend.

Looking ahead to 2026, Juan Carlos Artigas, World Gold Council’s Americas CEO and Global Head of Research, anticipates gold will enter a phase of dynamic equilibrium shaped by multiple forces. While geopolitical uncertainty and a weaker dollar may continue to fuel structural demand from investors and central banks, potential global economic recovery, shifting rate cycles, and periodic dollar rebounds could exert downward pressure.

Investors should note that gold price fluctuations stem from multifaceted factors, inherently carrying risks. A disciplined, well-informed strategy is essential to navigate market volatility and avoid speculative behavior.