Customers choose gold ornaments at a shop in Shanghai on October 5, 2025, during the National Day holiday. Photo: VCG

Multiple Chinese jewelry companies have raised prices drastically for their gold jewelry, domestic media outlets reported on Wednesday, as spot gold prices across global markets surpassed the $5,200 per once benchmark, hitting a record high.

Domestic gold prices rose in line with international trends. Prices of gold ornaments at several Chinese gold jewelry brands exceeded 1,600 yuan ($230.06) per gram on Wednesday, industry data showed.

For example, Lao Feng Xiang Jewelry raised the price of its gold jewelry from 1,576 yuan per gram on Tuesday to 1,620 yuan per gram on Wednesday, according to data from cngold.org.

The 24-karat gold price at Lao Miao Gold reached 1,612 yuan per gram, up from 1,575 per gram from the previous day. Chow Tai Fook's price rose to 1,618 yuan per gram from 1,578 yuan per gram on Tuesday.

The continued rise in global gold prices also sent gold-related stocks at the Chinese stock markets into a strong rally on Wednesday.

As of press time, listed non-ferrous metal companies including China National Gold Group Gold Jewelry Co, Sichuan Gold Co and Hunan Gold Corp had risen to their daily limit of 10 percent during morning trading on Wednesday.

Global spot gold prices exceeded $5,200 per ounce on Wednesday, marking a year-to-date rise of over 20 percent.

The rally has been driven in part by global geopolitical uncertainties, as investors turn to gold as a safe-haven asset. Central banks around the world are also restructuring their reserve portfolios by increasing gold purchases.

For example, the People's Bank of China, the central bank, increased its gold reserves to 73.3 million ounces in December 2024, up from 73 million ounces in November, according to data released by the State Administration of Foreign Exchange in January.

According to World Gold Council data, central banks remained net purchasers in late 2025, adding 45 metric tons in November alone and bringing the year-to-date total to 297 tons.

Zhu Guang, a Beijing resident, told the Global Times on Wednesday that he had reaped a few thousand yuan from his investment of about 10,000 yuan in gold-related investments in recent weeks.

"Now we are experiencing a sudden rise in gold prices, I had hoped it could be a bit more moderate, but this is how the market is behaving," Zhu said.

Tian Lihui, a professor of finance at Nankai University, told the Global Times on Wednesday that more young Chinese consumers are turning to the gold market as a way to diversify their investment portfolios and hedge against risks as traditional savings methods no longer meet young people's needs for preserving and increasing their wealth.

Global Times