Gold Prices Hit New Record High, Chinese Gold And Silver Jewellery Market To Exceed 90 Trillion Yuan In 2024

The spot price of gold hit a record high of $2,080 per ounce on Thursday. In terms of A-shares, the share prices of jewelry brands Lao Feng Xiang  and CHJ have nearly doubled since their lows in October last year.

The continuous rise in the price of gold has attracted the attention of many investors. Liu Yuenan, an analyst at Guotai Junan Securities, stated in a research report on April 23 that the recovery pace and flexibility of gold jewelry were better than expected. Retail sales of gold and silver jewelry rose 37.4% year-on-year in March 2023.

Regarding the sustainability of the gold and jewelry market, Zheng Chenghuai, a researcher at Debon Securities said in a research report on May 5 that factors such as global geopolitical uncertainty and the uncertainty of the U.S. economic recession will support gold prices in the long run. It is expected that the wedding season will continue to release consumer demand for gold jewellery in the third and fourth quarters of this year.
Zhen Weixuan from China Galaxy Securities Research Institute pointed out in the research report that the scale of the domestic gold and silver jewelry market will rise steadily in the future and exceed 90 trillion yuan in 2024, with a compound annual growth rate of about 5%.