On September 18th, the international gold price surged again during the Mid-Autumn Festival holiday, while domestic gold jewelry prices stayed high. Brands like China Gold (600916.SH) and Chow Sang Sang (00116.HK) jewelry stores in China are offering discounts such as 'per gram reduction', 'waived craftsmanship fees', and 'discounts on specified gold styles' to attract consumers to purchase gold, with some stores even reducing prices by 100 yuan per gram. However, the actual purchasing power may be relatively limited. A jewelry store salesperson mentioned that due to high gold prices, there are many observers, and the main customers placing orders are those with immediate marriage needs.

According to Wind data, on September 16th, COMEX gold closed at $2600 per ounce; on the same day, the spot price of gold in London surged to $2589.68 per ounce, setting a historic record. As of September 18th, the spot price in London fluctuates around $2580 per ounce, still at a high level.

Against this backdrop, brands like Guangdong CHJ Industry (002345.SZ), Chow Tai Seng Jewellery (002867.SZ), and Chow Tai Fook (01929.HK) quoted high prices of 758 yuan per gram for store gold jewelry on the Mid-Autumn Festival day. Financial Association journalists found that many jewelry stores are offering holiday promotions to benefit consumers. For example, Chow Sang Sang is reducing gold prices by 30 yuan per gram, and offering a 50 yuan reduction for every 20 grams purchased; while China Gold is providing a flat discount of 100 yuan per gram for all gold.

During the Mid-Autumn Festival holiday, Financial Association journalists observed that there were few customers in many jewelry stores, and a store worker candidly admitted to the journalists, "Many jewelry stores have closed because of poor gold sales, reduced wages compared to before, and goldsmiths are also unwilling to work."

In fact, under sales pressure, gold jewelry companies are not doing well, with clear signs of store closures this year.

In the first half of this year, the net income attributable to shareholders of Chow Sang Sang dropped by 36% to 0.526 billion Hong Kong dollars. Despite opening 25 new stores, they closed 47 stores during the same period. Chow Tai Fook's retail sales for the first half of the year decreased by 20% year-on-year. In the mainland market, Chow Tai Fook has closed a total of 180 stores in the first half of this year, with a net closure of 91 stores in the second quarter.

The Golden Week is a traditional peak consumption season for gold and jewelry. Financial analyst Song Yunming from Beijing Ashaming International Economic Consultation Co. believes that in the current consumption environment, along with gold prices dampening gold consumption, there is unlikely to be a significant change in the retail market for gold during the 'Golden Week' holiday.

Since the beginning of this year, the price of gold has continued to rise and reached new highs. Looking ahead to the future of gold prices, Goldman Sachs pointed out in its latest report that the possibility of gold price increases is the highest among all commodities, and the target price for gold in early 2025 is set at $2,700 per ounce.

Song Yunming believes that in the medium to long term, the price of gold is mainly supported by three factors: the overall weak international economic situation, the successive opening of the monetary easing channels by major economies, and the long-term intensification of geopolitical tensions.