Rising Prices, Rising Demand: A Golden Holiday Boom

“I had to wake up an hour early just to get a number!” complained a soon-to-be bride waiting in line at Shanghai’s City God Temple gold market on October 4. Despite record-high prices, gold-buying enthusiasm has surged across China this “Golden Week,” turning the jewelry counters into dazzling hotspots of holiday consumption.

In Shenzhen’s Shuibei gold market, foot traffic has doubled. “We haven’t had a break all week,” one vendor laughed. Traditional wedding pieces such as dragon-phoenix bangles, wedding bands, and double-happiness necklaces have flown off the shelves, while sleek and modern 5D craftsmanship jewelry has captured the hearts of young buyers.

Meanwhile, prices continue to climb. As of early October, most major brands’ pure gold jewelry exceeded ¥1,100 per gram. Chow Sang Sang topped at ¥1,155/g, while Chow Tai Fook, Luk Fook, and King Fook priced at ¥1,139/g. “The higher it goes, the more people buy,” said one sales associate.

When Prices Soar, So Does Confidence

Instead of discouraging buyers, rising prices seem to have amplified their confidence. Many customers described a “buy-now-or-miss-out” mindset.
A bride-to-be explained, “We’ve planned to buy wedding gold for months. The price keeps rising—if we wait, it’ll only get higher.”

This sentiment is particularly strong among younger consumers who see gold as a safe, appreciating asset. “Gold isn’t about buying cheap—it’s about buying value,” said one shopper. “If it keeps rising, it’s clearly worth more.”

Sales associates reported that customers’ first question is no longer “How much?” but “Do you still have stock?”

On the investment side, traders are more strategic. A private fund manager said his team isn’t cashing out yet: “The structure is solid—geopolitics, Fed uncertainty, and central bank buying all point to continued strength.”

Capital Market Momentum: ETFs See Strong Inflows

Gold’s strength extends beyond jewelry counters to the capital markets.
According to Goldman Sachs, today’s rally is driven not by speculation but by steadfast buyers—retail investors and central banks. Western ETF investors have also returned in force, pushing inflows well above model expectations.

In the week of September 23–30, Huabao Gold ETF saw inflows of ¥2.996 billion, while Bosera, ChinaAMC, and E Fund gold ETFs all attracted over ¥1 billion each. “This shows gold is evolving from a tactical play to a strategic asset,” said one fund manager.

China’s official gold reserves rose to 74.06 million ounces in September, marking the 11th consecutive month of accumulation—further reinforcing gold’s global reserve status.

Goldman forecasts prices could hit $4,000/oz by mid-2026 and $4,300/oz by the end of next year.

From bustling jewelry stores to bullish ETFs, the 2025 Golden Week has revealed a powerful truth: gold is not just shining—it’s glowing with renewed strategic importance, heralding the dawn of a new golden era.