【China】Gold Prices Change Overnight! Latest Prices at National Jewelry Stores After November 10th Adjustment

As a long-term observer tracking the gold market, I had a premonition of unusual movement while staying up late watching the market last night. Indeed, after the opening on November 10th, domestic gold prices completed a new round of adjustments. International spot gold firmly held above the $4,001 per ounce mark, driving synchronized updates in prices at jewelry stores across the country. Unlike previous minor fluctuations, this adjustment not only widened the price gaps between brands but also hinted at the decision-making logic for short-term consumption versus long-term investment. Combining the latest market conditions and industry patterns, I will provide an in-depth analysis.
First, here are the most intuitive latest prices at national jewelry stores (real-time data collected on November 10th): Chow Tai Fook and CHJ Fine Jewelry priced their 999 pure gold at 1,268 yuan per gram, followed closely by Chow Sang Sang and Luk Fook Jewelry at 1,266 yuan per gram. Lao Feng Xiang and Lao Miao Gold maintained their price at 1,263 yuan per gram, while Saturday Jewellery and Chow Tai Seng were at 1,261 yuan per gram. Caibai Jewelry, with its affordable positioning, kept its price stable at 1,238 yuan per gram. China Gold, priced at 1,188 yuan per gram, became the “value-for-money representative” among the brand tiers. Notably, the bare gold price in the Shenzhen Shuibei wholesale market was only 986 yuan per gram, while the gold recycling price ranged between 900-912 yuan per gram, forming a complete price chain from raw material to retail.

I believe the core driving force behind this price adjustment is the triple resonance of “international trends + domestic supply and demand + policy influence.” Internationally, the global central bank gold-buying spree continues. In the first three quarters of 2025, global central banks had a net purchase of 634 tons of gold, with the People’s Bank of China increasing its holdings for 12 consecutive months. This “national-level support” makes it difficult for gold prices to fall deeply, with $4,000 per ounce becoming a solid support level. Domestically, the policy effect of the gold consumption tax reduction from 5% to 3% on November 1st is gradually being digested, and previously hesitant consumer demand is starting to be released slowly. Jewelry stores have adjusted prices accordingly to balance costs and sales volume. However, the most interesting aspect is the brand price gap, which reached up to 80 yuan per gram this time. For a 50-gram gold bracelet, the price difference amounts to 4,000 yuan. This actually reflects differences in operational models: brands like Chow Tai Fook occupy prime commercial locations, with costs for decoration, advertising, and services factored into the selling price. In contrast, brands like China Gold adopt a simpler counter model with lower operational costs, naturally allowing them to offer more competitive prices.

From a personal analysis perspective, the current gold price is in a pattern of “short-term volatility, long-term bullishness.” In the short term, international gold prices are fluctuating within the $3,960-$4,030 range. Domestic jewelry store prices, influenced by this, are likely to remain within the 1,188-1,268 yuan per gram range. Consumers waiting for a significant price drop may be disappointed—after all, expectations for a Federal Reserve interest rate cut persist, the long-term weakening trend of the US dollar remains unchanged, and gold’s safe-haven attributes continue to provide support. However, this does not mean one should buy blindly, especially friends purchasing gold jewelry. There’s no need to pay for excessively high brand premiums. If practicality is the priority, China Gold and Caibai Jewelry offer better value for money. If design and brand reputation are more important, the classic styles from Chow Tai Fook and Lao Feng Xiang are more worthy choices.
For investors, the signal conveyed by this price adjustment is more critical: the price gap between jewelry store retail prices and international raw gold prices remains stable at 300-400 yuan per gram. This difference includes processing fees, taxes, and profits, falling within a reasonable industry range, indicating no irrational speculation in the market. Combined with institutional forecasts, international gold prices are expected to potentially reach $4,200 per ounce by the end of 2025. There is still room for appreciation in holding gold assets long-term, but one must be wary of short-term correction risks brought by shifts in Federal Reserve policy. It is advisable to adopt a “phased accumulation” strategy to avoid buying at peaks and getting trapped.