As January drew to a close, the gold market resembled a rollercoaster, carrying the wealth expectations of countless individuals to a roaring peak before plunging abruptly, repeatedly sending investors' hearts into their throats.
Within a single week, the market staged a historic surge, a once-in-forty-years crash, and a subsequent violent rebound. In the early hours of January 29th, the spot price of London gold soared to a record peak of $5,626 per ounce; merely two days later on January 31st, the plot twisted sharply, with gold futures on the New York Mercantile Exchange plummeting over 10% in a single day to close at $4,745 per ounce, marking the largest single-day drop in forty years. Before the market could recover from the shock, on February 3rd, spot gold staged a strong rebound, surging over 6% in a day to break through $4,980 per ounce, recording the largest single-day gain since 2008. On February 4th, gold prices opened higher again, reclaiming the $5,000 per ounce mark.
This epic market movement was not just numbers flashing on screens; it tugged at the financial nerves of countless ordinary people.
The stories of these gold holders are not found in cold candlestick charts but in the hands tightly clutching cash at gold counters, in the glow of bank gold accumulation account screens late at night, and in the first gold bar a young person buys with their New Year's money.
These individual experiences, based on specific timing, personality, and luck, are by no means a replicable investment guide. However, the market frenzy, human choices, and ensuing risk lessons they reflect are worth every investor's scrutiny and deep thought. In volatile market conditions, maintaining rationality is far more reliable than relying on luck.
During the week of price fluctuations, the offline gold market became the most直观的热力图 of investment fervor. Whether in Shenzhen's Shuibei or Beijing's Caibai Jewelry, crowds of buyers and sellers were everywhere.
On January 29th, the day of the major price surge, Caibai Jewelry, seen as a bellwether for Beijing's gold consumption, had not yet opened its doors. In the cold morning air, many sellers had already gathered outside. The crowd included both elderly individuals with grey hair and fashionably dressed young people.
At that time, the repurchase area was bustling with people. Carrying red velvet bags or small jewelry boxes, they waited anxiously in a queue over a hundred meters long for their numbers to be called. That day, Caibai's gold recycling price briefly hit a high of 1,190 yuan per gram.
However, market winds can change in an instant. Just two days later, on January 31st, as gold prices took a "cliff dive," the temperatures of the buying and selling markets instantly reversed.
On February 2nd, long queues formed again at Caibai's purchasing area, with many investors seeing this as a "prime opportunity to buy the dip." "You buy when it drops; gold always rises in the long run," said a man who had just purchased a 5-gram gold bar, holding his receipt.
The air was thick with a complex mix of fervor and anxiety. Some hurried about, constantly asking for the latest price; others remained calm, discussing custom designs with staff; while some shook their heads and left, sighing inwardly for missing their ideal selling price.
This is a marketplace for the flow of gold and a microcosm of wealth investment.
In the wave of gold's frenzied rise, Ms. Sun was not a latecomer but rather someone who misjudged the rhythm and chased the peak.
As early as two years ago, Ms. Sun had noticed gold's upward trend. Although prices were already high then, she was uncertain about further upside and held onto cash, missing the opportunity to build a position during the earlier steady climb. At the start of this year, multiple international events propelled gold into a surge, skyrocketing from $4,600 to $5,500 within a single month.
Watching prices soar, the usually cautious Ms. Sun considered short-term trading. Attracted by the price advantage of bank gold accumulation products—200-300 yuan cheaper per gram than physical gold—and their flexibility for real-time trading, she decisively bought dozens of grams in mid-January, before prices broke $5,000, catching a wave of the rise.
On January 28th, with international prices surpassing $5,300, Ms. Sun sold most of her holdings, locking in some profits. As prices were still rising and many institutions maintained bullish outlooks, she felt the rally had further to go.
So, on the day of the major surge, January 29th, she couldn't resist adding a small position, "hoping to earn another round of short-term gains."
Unexpectedly, that very night, international gold prices plummeted sharply, and subsequent markets showed no signs of a rebound. Her paper profits shrank significantly. "During the worst days of the drop, I didn't even want to open my gold account," she said with a wry smile over the phone.
However, as prices began rising again after February 3rd, Ms. Sun's mood noticeably improved. "The returns have turned positive these past couple of days," she said, optimism returning to her voice. "With this trend, it should recover fully in no time."
"Everyone thought I was crazy back then, but now they envy me," Xiao Zheng said with palpable relief, recalling his decision in mid-2025 to sell a property and buy gold.
At the time, Xiao Zheng was a freelancer with an idle property in Hebei worth about 1.5 million yuan. Observing a sluggish real estate market and aware of gold's value preservation and appreciation attributes, he conceived a bold idea: sell the property for gold.
The decision was met with immediate opposition. Family felt "property is real estate, it's secure to hold onto," and friends advised "don't be impulsive, you might lose your capital." But Xiao Zheng was determined. After careful consideration, he listed and sold the property, investing the entire 1.5 million proceeds into gold, decisively purchasing the corresponding weight.
"I didn't expect it to rise this much back then; I just thought gold offered better liquidity and was more stable than an idle property," Xiao Zheng said. He hadn't anticipated gold's subsequent climb, which significantly increased the value of his initial 1.5 million investment, building substantial wealth for him.
Xiao Zheng has now decided to take a long break and travel. "Consider it using this 'windfall' to buy some free time," he remarked.
However, lucky individuals like Xiao Zheng who entered early and reaped large rewards are ultimately few. Some netizens also sold properties to buy gold but bought at peak prices, now left to rue assets that are, as one put it, "'stuck up a tree'."
While some sell property for gold, others sell gold to pay mortgages.
Aunt Chen recently took stock of her gold jewelry. Facing this price surge, she plans to cash out her entire collection, which includes a 16-gram gold necklace bought in 1995 for only about 130 yuan per gram, along with gold accessories and earrings acquired in 2018.
"With prices favorable recently and seeing queues everywhere in Beijing to sell gold, I want to seize the chance to cash out and help my child pay off their mortgage," Aunt Chen explained. For her, this price "rollercoaster" is a timely boon, an opportunity for old possessions to prove useful.
"Looking back now, I wish I'd bought more!" Uncle Liu, 60, often says with a tone of satisfaction tinged with regret when mentioning a gold purchase in 2022, while his wife playfully scolds him,懊悔ing that she advised him to buy less.
2022 coincided with the birth of Uncle Liu's first grandson. Overjoyed, he wanted to leave the child a secure "growth gift." After much thought, he settled on gold for its value preservation, decisively buying 1,000 grams for a total price of less than 400,000 yuan at the time.
During the purchase, his wife repeatedly urged him, "Don't buy too much; it's safer to keep some liquid cash." Although he heeded her advice to some extent, Uncle Liu still insisted on the purchase. Now, with gold prices significantly higher, the initial 400,000 yuan has appreciated substantially, and his wife懊悔s advising against buying more. This gift for his grandson, filled with grandparental affection, has quietly grown in value over time, becoming a solid family asset.
The golden surprise for "post-90s" Li Yulin began with wedding preparations in 2020. Before the wedding, Li Yulin's mother, adhering to traditional prudence, insisted on buying the "Three Golds" from LAOPU GOLD for her daughter, stating that gold symbolizes auspiciousness in marriage and represents lasting financial security.
At that time, Li Yulin and her family went to the LAOPU GOLD store in Beijing's Wangfujing, carefully selecting a set of gold jewelry prized for both beauty and quality. This included an "Auspicious Perfection Gold Necklace," delicate small gold earrings, and a uniquely designed diamond-inlaid gold bracelet, costing around 80,000 yuan for the set.
"Back then, LAOPU GOLD wasn't as famous; my mom just thought their goldwork was very exquisite and beautiful and took me there. I was sold as soon as I saw it," Li Yulin told reporters. At the time, she saw it merely as a traditional part of marriage, not considering potential appreciation.
Unexpectedly, as the gold market climbed over the years, the value of this 80,000 yuan set has increased about fourfold. The wedding jewelry not only witnessed her happy marriage but also unexpectedly became a surprising "asset appreciation gift," letting her truly understand the principle of "the earlier you buy, the more advantageous it is."
In the tide of gold investment, Ms. Liu was not an early adopter but a latecomer who precisely caught the rhythm. However, her success hinged on acute timing, decisiveness, and discipline—qualities most ordinary investors find hardest to replicate.
Ms. Liu only entered the market for the first time in March 2025. Being inherently cautious, she didn't follow the crowd blindly but opted for a low-risk, flexible bank gold accumulation product, initially investing 200,000 yuan. As her understanding of the market deepened and she identified a favorable trend, she decisively added another 50,000 yuan, bringing her total investment to 250,000 yuan.
From spring to winter, Ms. Liu held patiently, observing quietly without frequent trading. When she liquidated her position at the end of 2025, this investment yielded a pure profit of over 50,000 yuan. Her successful first foray boosted her confidence in timing gold investments.
Emboldened by her initial success, Ms. Liu felt more confident about the gold market.
At the beginning of 2026, identifying a market trend, she invested 400,000 yuan in one go to build another position in gold accumulation products. After entry, the行情 rose steadily, and by January 29th, the peak profit in her account exceeded 90,000 yuan.
Faced with impressive numbers, Ms. Liu didn't get carried away by profits but remained clear-headed. On January 31st, sensing unusual market sentiment and signs of weakness, she acted decisively, liquidating her entire position to lock in gains. This move netted her a profit of over 70,000 yuan.
In retrospect, Ms. Liu stated plainly, "Luckily I acted fast, taking profits just before the crash, otherwise my gains would have shrunk." Through these two operations, relying on accurate judgment and decisive action, she accumulated total profits exceeding 100,000 yuan.
Coinciding with the approaching Spring Festival, she used this gold investment "dividend" to add to the festive spirit. She specifically bought a 6-gram gold rice ornament launched by the bank and selected an exquisite gold bracelet, wearing it for the auspicious meaning of "good fortune and smooth sailing."
"I may have been a latecomer, but I've tasted the rewards and grasped some of the tricks," Ms. Liu said with a smile. "I'll keep watching and look for opportunities to invest again, to let this 'golden luck' continue."
Seasoned gold player Ms. Wu, an expert in "exchanging old for new," shared that she started buying gold about 15-16 years ago when prices were around 200-plus yuan per gram. Initially, she bought small items like earrings and rings weighing 2-3 grams. She continued buying periodically, gradually accumulating about 70 grams. She exchanged some again this past April, having typically refreshed her collection every 1-2 years before.
"Exchanging is very cost-effective, and you get to choose new styles you like that are currently trendy," Ms. Wu admitted. She once bought a roughly 30-gram gold bracelet at 500-plus yuan per gram, now worth double. "What was worth 18,000 yuan is now over 40,000 yuan, and I got a style I truly wanted," she noted.
As a long-time "gold accumulator" and "exchanger," Ms. Wu has also meticulously studied the "old-for-new" policies of major gold merchants. For instance, Caibai Jewelry has held annual exchange events every September for about 6-7 years, waiving workmanship fees during the promotion. "I mostly exchange during the event. Outside the event month, they charge depreciation and workmanship fees, and the selection is usually mediocre, offering poor value," she explained.
She shared her experience: not all gold stores are suitable for exchanges. "Some specialty stores for ancient method gold, where the gold has a darker hue and items are sold at fixed prices only, do not support old-for-new exchanges. Their prices are higher than other brands, making them less economical than gram-weighted gold jewelry," she advised.
Amid these price fluctuations, a new wave of investors is entering the market. "Post-05" individuals are starting their gold investment journeys, often accompanied by family, using gold to develop financial literacy.
In the investment gold section of Beijing's Caibai, a "post-05" investor, Xiao Zhou, was seen queueing with family to purchase gold bars, speaking with a composure beyond his years.
Xiao Zhou stated that since 2019, influenced by his parents, he began following the gold market and has consistently invested in physical gold with them over the years. Through prolonged exposure, he gradually developed a稳健的投资理念: purchasing 100-200 grams of physical gold annually as part of family asset allocation, not seeking short-term windfalls but prioritizing long-term value preservation and appreciation.
Despite the rapid recent surge in international gold prices, Xiao Zhou maintained his rhythm. After discussing with his family, he decided to purchase 450 grams of physical gold in one go this year.
He admitted that years of involvement with gold investment alongside his family have cemented his understanding of the importance of long-term holding and steady positioning.
The experience of another young investor, Ethan, resembled more of a hands-on "financial literacy lesson."
In January, Ethan planned to use 60,000 yuan from his New Year's money to buy gold. Beforehand, his parents carefully analyzed the logic behind gold price movements, the potential psychological volatility of investing, and considerations for storing physical gold. Ultimately, at Ethan's insistence, he bought gold at 990 yuan per gram.
However, the market volatility on January 31st soon taught him a lesson: he failed to sell before the sharp drop, and his account value shrank significantly. He was very upset at the time, crying while holding his phone: "Thousands of yuan are gone." That whole day, he repeatedly refreshed the quotes, his mood fluctuating with the numbers.
As prices gradually recovered recently, Ethan's emotions also stabilized. This firsthand experience with volatility likely left a deeper impression than any theory from a financial textbook.
(At the request of the interviewees, all names in the article are pseudonyms. The market involves risks; investment requires caution. This article does not constitute any investment advice.)
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