国际现货黄金于8月6日站上4300美元/盎司，创七周新高[1]。12月黄金期货报4330.70美元/盎司，涨幅0.59%[1]。受此带动，国内黄金价格也迅速攀升，深圳水贝足金999批发报价达到1100元/克，仅两天时间便上涨近50元[1]。金价上涨由地缘政治缓和、美联储加息预期走弱等因素驱动[1]。其中，9月加息预期从67%降至55%[1]，美国私营部门7月就业人数仅增加4.4万人[1]。
记者实地探访发现，黄金市场消费格局出现分化[1]。传统的黄金回收业务遇冷，半个月仅三四单，而以旧换新业务同期可达三四十单，已成为门店的核心业务[1]。值得注意的是，今年1月国内品牌金店足金饰品曾突破1600元/克[1]。从产业供给端看，上半年国内黄金产量152.908吨，同比下滑14.62%[1]；消费端则保持增长，上半年黄金消费量511.412吨，同比增长1.23%[1]。此外，上半年国内黄金ETF增仓量仅为28.677吨，较去年同期下降66.17%[1]。
International spot gold reached $4,300 per ounce on August 6, marking a seven-week high, while domestic wholesale prices in Shenzhen's Shuibei market for 999 fine gold jumped nearly 50 yuan to 1,100 yuan per gram within just two days [1]. December gold futures climbed 0.59% to $4,330.70 per ounce [1]. The rally reflects easing geopolitical tensions and weakening expectations for further U.S. interest rate increases, with September rate hike odds declining from 67% to 55% [1], following July private sector employment gains of only 44,000 jobs in the United States [1].
Field investigations reveal a stark divide in consumer behavior at gold retailers [1]. While traditional gold recycling services have slowed to just three or four transactions every two weeks, trade-in business—where customers exchange old gold for new pieces—has become the core revenue driver with thirty to forty deals in the same period [1]. This contrasts with earlier market conditions; domestic branded gold shops saw prices peak above 1,600 yuan per gram in January of this year [1].
On the supply side, China's gold production in the first half totaled 152.908 tons, down 14.62% year-over-year, while consumption reached 511.412 tons, a 1.23% increase [1]. Gold ETF inflows weakened significantly to 28.677 tons in the first half, representing a 66.17% decline from the same period last year [1].