Gold Hits Record Highs, Domestic Jewelry Prices Climb

On January 19, the international gold market surged, with spot gold briefly breaking $4,690/oz, setting a new historical high and rising more than 2% on the day. COMEX gold futures also strengthened, reaching $4,698/oz, just shy of the $4,700 mark. As of 10:45 a.m., spot gold stood at $4,659/oz, and COMEX gold at $4,667/oz, maintaining record-high levels.

The rally quickly translated to domestic markets, pushing jewelry prices to record highs:

• Lao Miao Gold: ¥1,459/g, up ¥24/g
• Lao Feng Xiang: ¥1,456/g, up ¥20/g
• Chow Tai Fook: ¥1,455/g, up ¥19/g
• Chow Sang Sang: ¥1,451/g, up ¥15/g
• Lukfook & Gold Supreme: ¥1,453/g, up ¥19/g

Analysts say the surge reflects a combination of short-term geopolitical risks and long-term macroeconomic expectations. On January 17, former U.S. President Donald Trump announced tariffs on eight European countries, including Denmark, Norway, France, and Germany, starting February 1. CITIC Futures noted this could intensify geopolitical tensions, driving gold price volatility.

At a deeper level, swings in global monetary policy expectations also play a role. Anliang Futures points out that gold is currently influenced by the tug-of-war between “lagging policy easing expectations” and “persistent inflation realities”. Markets anticipate potential Fed rate cuts, but sticky inflation constrains rapid policy shifts. Meanwhile, ongoing central bank gold purchases provide long-term structural support. In the short term, gold is expected to maintain a strong range-bound trend amid policy swings and dollar fluctuations.