Recently, international gold prices have been fluctuating at high levels, while domestic jewelry gold prices also remain elevated. Many branded gold jewelers have seen their pure gold jewelry prices surpass the 1,300 yuan per gram mark, with recycling prices exceeding 900 yuan per gram. Against this backdrop, new trends in gold consumption have emerged, with lightweight gold products and gold bars gaining popularity among consumers.
Gold Prices Stay Elevated On November 16, Chow Tai Fook's pure gold jewelry was priced at 1,315 yuan per gram, while crafted gold bars and commemorative items were quoted at 1,153 yuan per gram. The gold value-added service price stood at 1,138 yuan per gram, and the gold recycling price was 901 yuan per gram. On the same day, Luk Fook Jewelry's pure gold jewelry was priced at 1,313 yuan per gram, and Chow Sang Sang's pure gold jewelry was quoted at 1,310 yuan per gram.
Since November, international gold prices have maintained a high-volatility trend. On November 14, COMEX gold reached $4,084.4 per ounce, closing with a decline of 2.62%.
Industry experts widely believe that since the second half of this year, due to heightened global geopolitical uncertainties and fluctuations in the U.S. dollar index, international gold prices have remained strong, driving domestic retail prices upward. In the short term, gold prices may continue to fluctuate at high levels, and if economic data further fuels risk-off sentiment, there is still room for prices to rise. For consumers, those investing in gold should monitor international price movements, while those purchasing for wear should choose the right timing based on their budgets.
Divergence as a Key Trend Latest data from the China Gold Association shows that in the first three quarters of 2025, China's gold consumption totaled 682.73 tons, down 7.95% year-on-year. Among this, gold jewelry consumption was 270.036 tons, a decline of 32.50%, while gold bar and coin consumption rose 24.55% to 352.116 tons. Industrial and other gold uses increased 2.72% to 60.578 tons.
Performance varied significantly across gold product categories. Lightweight, high-value-added jewelry maintained strong market appeal, with solid sales. Demand for gold bars remained robust, highlighting gold's role as a safe-haven asset. Rapid development in electronics and new energy industries also drove steady growth in industrial gold demand.
The World Gold Council noted that lightweight gold products contributed an increasing share to retailers' sales. Some retailers reported that gold products under 10 grams accounted for 45% of their jewelry sales in the first half of 2025. Given the rising popularity of lightweight gold amid soaring prices and continuous design innovations, this shift is unsurprising. Meanwhile, sales of products over 20 grams declined, while those in the 10-20 gram range remained stable.
CITIC Securities stated in a research report that while gold jewelry consumption cooled, increasing value-added per gram became key for industry players. Gold jewelry retailers are focusing on boosting gross margins per gram through three main approaches: raising brand licensing fees, increasing wholesale gross margins, and optimizing product mix to favor higher-margin items. High-end and lightweight, fashionable jewelry are often sold at fixed prices, reflecting added value in design, artistry, culture, and emotional appeal, typically yielding higher margins than the "weight + processing fee" model.
Gold Output Continues to Grow Gold production maintained growth. According to the China Gold Association, domestic raw material gold output in the first three quarters of 2025 reached 271.782 tons, up 1.39% year-on-year, while imported raw material gold output rose 8.94% to 121.149 tons. Combined production totaled 392.931 tons, a 3.6% increase.
In the same period, the Shanghai Gold Exchange reported total gold trading volume (single count) at 23,800 tons (double count: 47,600 tons), up 2.45%, with turnover (single count) at 17.68 trillion yuan (double count: 35.35 trillion yuan), a 41.55% increase. The Shanghai Futures Exchange saw gold futures and options trading volume (single count) reach 103,600 tons (double count: 207,200 tons), up 59.98%, with turnover (single count) at 61.08 trillion yuan (double count: 122.15 trillion yuan), surging 112.6%.
Third-quarter reports from listed companies showed notable gold output growth for some gold industry players.
For example, Zijin Mining reported revenue of approximately 254.2 billion yuan in the first three quarters, up 10.33% year-on-year, with net profit attributable to shareholders rising 55.45% to 37.864 billion yuan. In Q3 alone, revenue grew 8.14% to 86.489 billion yuan, while net profit surged 57.14% to 14.572 billion yuan. The company stated that its gold production in the first three quarters reached 65 tons, up 20% year-on-year, with Q3 output at 24 tons, a 7% quarterly increase. The gold sector has become a key profit driver amid rising prices.