International spot gold has staged a strong rebound after a period of choppy corrections, once again crossing the $4,400 per ounce threshold. As of the latest update, it is trading at $4,409.36 per ounce, up 0.91%.

Domestic branded gold jewelry prices have followed this upward trend, closing in on the 1,330 yuan per gram mark as of August 12. Chow Tai Fook is pricing its pure gold ornaments at 1,329 yuan per gram, while Chow Sang Sang lists them at 1,328 yuan per gram. Gold jewelry prices hit a low point on July 14, when Chow Tai Fook was at 1,217 yuan per gram and Chow Sang Sang at 1,214 yuan per gram. Based on this data, the per-gram price of gold jewelry has surged by over 100 yuan within a single month.

After six months of volatile adjustments, the gold market is showing early signs of a bottom. Looking ahead, many institutions believe that while short-term gold prices may remain under pressure from U.S. bond yields and continue to consolidate near the bottom, central bank gold purchases and the global trend of “de-dollarization” are steadily building long-term upward momentum.

A recent report from the World Gold Council on global gold demand trends for the second quarter of 2026 shows that central banks and other official institutions collectively added 289 tonnes of gold to their reserves during the quarter, a 62% increase year-over-year. Gold purchases by several countries’ central banks have picked up, highlighting the metal’s important role in official reserves.

A new report from UBS forecasts that gold prices could rise to $5,000 per ounce by the first half of 2027. UBS believes that although the short-term market environment is volatile, multiple long-term supportive factors are solidifying the medium-to-long-term bullish case for gold.

Analysts point out that the U.S. Consumer Price Index (CPI) data due for release on Wednesday evening Beijing time, and the Producer Price Index (PPI) on Thursday, will be key catalysts for market repricing. Surveys indicate that the market widely expects the U.S. July CPI to rise 0.1% month-over-month, with the annual rate slowing to 3.4% from 3.5% in the prior month. Core CPI is expected to rise 0.2% month-over-month, with the annual rate declining to 2.5% from 2.6%. If actual data meets or falls short of expectations, it would reinforce the narrative of “contained inflation,” lowering the probability of near-term interest rate hikes and thereby supporting gold. Conversely, if the data once again shows inflationary stickiness, it could lift expectations for rate hikes and put pressure on gold prices.