After rising by over 27% in 2024, domestic gold prices continued to climb in 2025, frequently setting new record highs. On February 10, the price of solid gold jewelry at brands such as Chow Tai Fook was quoted at RMB 873 per gram, an increase of RMB 74 from the price of RMB 799 per gram on January 1, with a cumulative increase of over 9% so far this year.

A reporter searched for today’s gold prices at several well-known jewelry stores on February 11. Chow Tai Fook and Chium Ho Kee were quoted at RMB 873 per gram, Chow Sang Sang at RMB 891 per gram, and China Gold at RMB 875 per gram.

“The price of solid gold jewelry was quoted at RMB 830 per gram on New Year’s Eve, and it has increased by over RMB 40 per gram in just a few days after the new year,” exclaimed a salesperson at a Chow Tai Fook store, noting how quickly and sharply gold prices have risen. “This year, the wholesale price has sometimes increased by RMB 10 per gram in just one day, whereas previously an increase of RMB 5 per gram was considered significant.”

Taking a 22.81-gram wedding series solid gold bracelet sold on Xiaohongshu as an example, the price on January 1 was quoted at RMB 799 per gram, with a craftsmanship fee of RMB 1,420, resulting in a total price of RMB 19,645.19 before discounts. On February 10, the price was quoted at RMB 873 per gram, and with the craftsmanship fee, the total price reached RMB 21,333.13 before discounts, nearly RMB 1,700 more expensive than at the beginning of the year.

The reporter found that some netizens had revealed that early in the morning, the queue at Lao Pu Huangjin in Hangzhou Tower had reached the overpass. Some netizens said they had queued for five hours the previous day.

The rise in gold prices can be confirmed by data from multiple gold trading markets.

On February 10, the main contract of gold futures listed on the Shanghai Futures Exchange closed at RMB 679.08 per gram, touching a new record high of RMB 679.5 per gram during intraday trading.

In the spot market, the more actively traded AU99.99 on the Shanghai Gold Exchange closed at RMB 679.65 per gram, also setting a new record high since its listing, with a year-to-date increase of over 10%.

In terms of international gold prices, London spot gold prices broke through the level of USD 2,900 per ounce during intraday trading on February 10, while New York gold futures prices continued to strengthen on the same day, surging above USD 2,930 per ounce.