According to media reports on October 15th， the gold market in Yantai， Shandong， has recently experienced a price surge， with local gold jewelry exceeding 1200 yuan per gram. Amidst this market trend， an investor successfully cashed in gold bars purchased years ago， realizing a net profit of over one million yuan.
Mr. Sun， a gold recycler， revealed that the client had purchased these 2 kilograms of gold bars approximately four to five years ago from a bank at a price of over 390 yuan per gram. The recent sale has directly resulted in a profit exceeding one million yuan. Mr. Sun stated that his “phone has been ringing off the hook” with an average of over a hundred recycling orders daily.
On the international market， spot gold prices reached a new historical high for the first time on the 14th， surpassing 4150 USD per ounce. Year-to-date， gold prices have increased by over 1500 USD， a surge of up to 58%. This sustained upward trend in global gold prices is influenced by a confluence of factors， including geopolitical uncertainties， inflation concerns， and central bank monetary policies， all of which tend to drive investors towards perceived safe-haven assets like gold.
Domestic brand gold jewelry prices have also seen substantial adjustments. Prices for 999 pure gold jewelry from brands like Lao Miao Gold have reached 1218 yuan per gram， with Chow Tai Fook， Lukfook Jewellery， and Chohongji all priced at 1215 yuan per gram. Chow Sang Sang is quoting at 1213 yuan per gram， with daily price increases generally ranging between 24 to 29 yuan. These domestic price hikes directly mirror the international market’s ascent and are a testament to the strong demand and perceived value of gold as an investment and a luxury item.
A jewelry store owner remarked， “I never dreamed gold would reach such high prices!” He noted that many customers who had planned to exchange old jewelry for new items are now opting to sell their gold directly for cash. In his view， the gold market still has room for further increases. This shift in consumer behavior highlights the immediate financial incentives presented by the current gold price environment， overshadowing traditional exchange programs.
With gold prices continuing their upward trajectory， both the investment and recycling markets are experiencing a parallel boom. Long queues have been observed at several shopping malls， with customers having to take a number and wait before they can process their gold redemption transactions. Staff at some recycling points mentioned that customer traffic has increased by about half compared to normal times， with people queuing up soon after the mall opens. The daily volume of recycled gold can reach 1000 to 1500 grams. This surge in recycling activity indicates a significant influx of gold into the market as individuals capitalize on the high prices， seeking to liquidate their holdings.
