Gold price hits new high, Chinese gold jewelry price surges to 934 yuan per gram

International gold prices hit a new high. The prices of gold jewelry in China have also risen accordingly. On March 28th, the price of Zhou Shengsheng 24K gold jewelry was 934 yuan per gram, and Lao Miao and Lao Fengxiang gold jewelry were priced at 929 yuan per gram. Brands like Zhou Dafu and Zhou Lufu were selling their gold jewelry at 921 yuan per gram.

According to data from Wind, as of around 9:05 a.m. on March 28th, the COMEX gold price had increased by 0.39% to $3103.1 per ounce, while the spot price of gold in London rose by 0.30% to $3064 per ounce, both reaching historic highs.

Domestic Chinese gold jewelry brands have also seen price increases. As of the time of reporting, Zhou Shengsheng gold jewelry was selling at 934 yuan per gram, up 11 yuan from the previous day; Lao Miao and Lao Fengxiang were priced at 929 yuan per gram, an increase of 11 yuan per gram each; and Zhou Dafu, Zhou Lufu, and Lukfo Jewelry were all priced at 921 yuan per gram.

Some netizens commented, “I have always wanted to wait for the gold price to drop a bit and then buy some gold bars to keep at home, but it seems like there is no hope for a price drop at all.” Another netizen expressed disappointment, saying, “I can’t afford it anymore.”

Moreover, due to significant fluctuations in the price of gold, several banks in mainland China have adjusted the minimum investment amounts for gold savings products.

On the evening of March 26th, China Construction Bank announced that starting from 9:10 a.m. on March 31st, the minimum regular deposit amount for individual gold savings accounts (including daily average deposits and self-selected day deposits) would be raised from 700 yuan to 800 yuan. Previously set up regular savings plans would not be affected. This adjustment follows Ningbo Bank, making it another bank this month to raise the minimum purchase amount for savings gold from 700 yuan to 800 yuan.

Recently, Goldman Sachs revised its year-end 2025 gold price forecast from $3100 per ounce to $3300 per ounce, with the forecast range adjusted to $3250 to $3520 per ounce. The medium-term gold price risks still lean towards an upward trend, and in a tail-risk scenario, the gold price by the end of 2025 could exceed $4200 per ounce.

Goldman Sachs also stated that major Asian central banks may continue to rapidly acquire gold in the next 3 to 6 years to reach their estimated potential gold reserve targets.

While many institutions are optimistic about the rise in gold prices, there are still some uncertainties in the market that cannot be overlooked. Goldman Sachs analysis suggests that two potential events could provide investors with more attractive buying opportunities. Firstly, if a peace agreement is reached between Russia and Ukraine, it could trigger a brief speculative sell-off in the gold market. However, this event is unlikely to have a lasting impact on the global gold demand and supply landscape. Secondly, a stock market crash leading to margin-driven gold liquidation could temporarily dampen gold prices. Yet, given the continuing market uncertainties, speculative positions in gold are expected to quickly recover, and structural demand from central banks and ETFs will remain stable, so any impact is likely to be temporary.