The rush for gold has become as frantic as the scramble for daily necessities. A staggering 300 million yuan in sales was recorded in just one second, with single-day transactions surpassing 10 billion yuan—LAOPU GOLD has redefined public perception of gold consumption with these figures. To put this in perspective, the typical daily sales revenue for a leading gold retailer usually ranges from tens of thousands to several hundred thousand yuan. LAOPU's performance in a single day equals the annual turnover of an average store.
More importantly, these impressive numbers were not driven by low-priced charm beads costing just a few yuan, but by collectible-grade gold pieces with an average price exceeding ten thousand yuan, and some even reaching hundreds of thousands per item. This underscores the powerful resurgence of gold's role as a "hard currency." Amid economic fluctuations, gold is not merely a commodity; it functions as money. Purchasing gold jewelry is no longer primarily about aesthetics but about acquiring a sense of security rooted in its "ready liquidity." LAOPU's 10-billion-yuan day may only be the beginning, signaling the potential onset of a sweeping "gold-buying fever" across the nation.
The recent gold trading activity by LAOPU GOLD has astonished the entire gold market. The event dates back to February 26. According to media reports, at 2 PM that day, within just one second of the start of Tmall's "March 8 Renewal Week" sales, the transaction volume at LAOPU GOLD's official flagship store surged past 300 million yuan. The single-store sales for the entire day exceeded 10 billion yuan, marking a 100-fold increase compared to the same period last year.
Supporting this figure were not inexpensive charm beads, but high-end collectible gold items averaging over ten thousand yuan, with many priced in the hundreds of thousands. A "Filigree Mantra Gold Bowl" priced at 627,500 yuan and decorative pieces costing over 500,000 yuan sold out in under ten minutes. More than 30 individual items showed "out of stock" immediately upon listing.
While online shoppers competed on speed, offline customers contended with physical queues. At locations like Hangzhou Tower, many took time off work to line up, with some consumers waiting nearly four hours. This level of frenzy left onlookers stunned. On social media, users expressed disbelief, questioning, "Is gold being given away for free?" and "How are there so many affluent people?"
On the surface, this appears to be a buying spree triggered by a promotional event. However, a deeper analysis reveals that these numbers reflect shifting consumer psychology, the renewed appeal of gold's intrinsic properties, and a brand's transformation from merely "selling gold" to "marketing a brand."
First, consider gold itself. Recent changes in the economic climate have made people more acutely aware of asset security. Stock market volatility, underperforming wealth management products, and general market instability have magnified gold's status as a "hard currency" like never before. It serves both as a commodity and as money; it can be worn and easily liquidated. Unlike other forms of consumption, buying gold is increasingly viewed as a form of "consumptive investment." The consumer rationale is straightforward: "Even if the style falls out of favor, it will still retain its value based on the gold price." This mindset lowers the decision-making threshold for high-ticket items.
Yet, gold's保值属性 alone does not fully explain the buying frenzy. The immediate catalyst for LAOPU GOLD's sales surge was a price adjustment notice. On February 18, LAOPU GOLD announced a comprehensive price increase effective February 28. This was the brand's first price adjustment for 2026, with increases ranging between 20% and 30%.
This follows LAOPU GOLD's established pattern. In 2025, the brand implemented three price hikes: a 5% to 10% increase in February, a 10% to 12% rise in August, and a more substantial 18% to 25% jump in October. Three consecutive price increases within a year, with each hike larger than the last, subtly communicates to consumers that buying early equates to saving, while delaying means paying more. This explains, in part, the remarkable sales figures achieved.
Data shows that since 2025, international gold prices have surged over 85%, currently exceeding $5,200 per ounce. Investment banks like J.P. Morgan are broadly optimistic about future prospects, predicting prices could reach $6,300 per ounce within the year. LAOPU GOLD's three 2025 price adjustments, combined with the latest increase, have kept its overall price rises largely in sync with the appreciating value of gold—it is tracking gold's intrinsic worth.
However, the more noteworthy aspect is the rhythm of these price hikes. At the beginning of 2025, LAOPU GOLD's increases of 5% to 10% were relatively moderate, seemingly testing market sentiment. By the year's end, the涨幅直接跃升至18%至25%, indicating significantly stronger confidence. Starting 2026, the upper limit of the increase has been pushed to 30%, with an average hike of 25%—a幅度 that surpasses the anticipated 11% to 20% increases expected from competitors like Chow Tai Fook during the same period.
Market analysis suggests this signifies a shift in LAOPU GOLD's pricing strategy from "following gold prices" to "leading the market." It is no longer just a gold retailer but is gradually establishing its own pricing power. HSBC's latest research report corroborates this assessment, noting that LAOPU GOLD has become the first Chinese high-end jewelry brand capable of competing directly with Western luxury brands, having built substantial brand equity and pricing power among high-net-worth clients. Consequently, HSBC raised its 2026 net profit forecast for LAOPU GOLD by 7% and its revenue expectation by 10%.
In essence, LAOPU GOLD is transitioning from being a "seller of gold items" to a "premium jewelry brand with pricing authority." For its core consumer base, this transformation does not deter purchases but rather enhances the brand's appeal. Price increases are not perceived as exploitative but as affirmations of brand value—the higher the price, the greater the perceived scarcity; the scarcer, the more desirable.
Therefore, revisiting LAOPU GOLD's one-second 300-million-yuan and single-day 10-billion-yuan sales figures makes them understandable. Strong gold fundamentals, rising gold prices, and anticipation of further increases all play a role, but the fundamental driver is LAOPU GOLD's evolution into a brand with pricing power. Consumers are purchasing not just a piece of gold jewelry, but a sense of security rooted in its appreciating value and brand recognition that stands alongside international luxury names. As gold sheds its "old-fashioned" image for one of "desirability," transforms from merely "preserving value" to "appreciating in value," and evolves from a "commodity" to a "brand," the influx of buyers is likely to grow. LAOPU GOLD's success may just be the precursor to a broader trend.
Concurrently with LAOPU GOLD's astounding sales, international gold prices continue their upward trajectory amidst fluctuations. On February 27, spot gold reached an intraday high of $5,281.07 per ounce, rising over 1% during the day. This is not an isolated event—since 2025, international gold prices have accumulated gains exceeding 60%, reaching historic highs.
The market naturally questions: what is driving this round of gold appreciation? In the short term, the direct catalysts are the "twin shocks" of international instability and policy uncertainty. Persistent global tensions and a "powder keg" atmosphere have made risk aversion almost an instinctive market reaction. Capital instinctively flows towards gold—the universally acknowledged safe haven in turbulent times. Simultaneously, abrupt shifts in major economies' trade policies create more market anxiety than certain bad news. In such an anxious climate, capital's choice is clear: move into gold.
However,避险资金 can be fickle, flowing in and out quickly. The underlying support for gold prices comes from another source: global central banks. Since 2022, an increasing number of emerging market nations have recognized the risks of over-concentrating foreign exchange reserves in a single sovereign currency. Diversifying risk and reducing reliance on any single currency has become a consensus strategy, with gold serving as the logical destination for this diversification.
The People's Bank of China has been increasing its gold reserves for 15 consecutive months, with holdings reaching 2,307.57 tonnes by the end of January. Globally, central banks publicly reported net purchases of 328 tonnes of gold in 2025. The buying logic of these "national team" players differs fundamentally from retail investors—they are indifferent to short-term price fluctuations, focusing instead on long-term strategic security. This stable, persistent demand provides a solid "ballast" for the entire gold market.
Beyond避险 and strategic reserve needs, gold's financial attributes are also at play. There is a widespread market expectation that the U.S. Federal Reserve will enter a rate-cutting cycle in 2026, potentially as early as June or July. This implies that the yield on interest-bearing assets like U.S. dollars will decline, thereby reducing the opportunity cost of holding non-yielding assets like gold. A shift of funds into gold becomes a natural consequence.
Based on these macroeconomic assessments, major international banks like J.P. Morgan and UBS have revised their gold price forecasts upward, with J.P. Morgan setting a target as high as $6,300 per ounce.
A deeper, more structural logic lies in subtle shifts in U.S. dollar credibility. Recent economic data shows the U.S. core PCE price index rose to 3.0% in December, contrary to expectations of a decline, while同期GDP growth slowed significantly to 1.4%. These emerging signs of "rising prices amid slowing economic growth"—stagflation—create an ideal macroeconomic environment for gold, as they simultaneously trigger its two core demands: inflation hedging and避险.
Furthermore, U.S. national debt is accelerating towards the $40 trillion mark. When markets begin to harbor even slight doubts about the U.S.'s ability to service its massive debt, the credibility of the dollar erodes. Gold, as the only major international reserve asset not backed by any sovereign entity, naturally undergoes a value reassessment under such conditions.
In summary, the current gold price rally results from a confluence of factors: international instability, transformation of the global monetary system, policy shifts by major central banks, and wavering confidence in the U.S. dollar. It transcends a simple commodity cycle, resembling instead a global capital markets' repricing of the old credit system.
Returning to the initial question: why is gold rising? Short-term, it's避险; medium-term, it's central bank accumulation; long-term, it's the marginal softening of dollar credibility. When these three forces converge, the rise in gold prices ceases to be a surprise.