On March 5th, it was reported that both international and domestic gold prices have surged. Particularly in China, the price of gold has reached a new high.
"Waking up to find that the domestic base gold price is nearing 490 CNY per gram, and the gold price in jewelry stores has skyrocketed to 637 CNY per gram. I've been in this business for over 20 years and I've never seen gold prices this high," said the manager of a listed jewelry company in Hangzhou. The sudden surge overnight has shocked everyone in the industry.
On March 4th, major gold jewelry brands such as Chow Tai Fook, Lukfook Jewellery, Chow Sang Sang, and Chow Tai Seng all reported that the price of their domestic 24K gold jewelry exceeded 636 CNY per gram, reaching a historical high.
Since February, domestic gold prices have been relatively stable, fluctuating within a range of 2-3 CNY. However, overnight, the price of gold in branded jewelry stores surged by 7-11 CNY per gram, marking a significant spike. This surge has also surpassed the record of 485 CNY per gram set in December 2023, once again hitting a new high.
