According to the CITIC Securities Research Report, in 2023-25, the annual increase in gold prices was 17.7%/28.3%/58.5%, respectively; in 2026, gold price fluctuations increased, with the biggest drop of 28.3% during the year. Changes in gold prices have greatly changed the business model of gold and jewelry chains, that is, the amount of gold jewelry decreased and the amount of gold bars increased: 2019 consumption of gold jewellery: gold jewellery: 3:1; 26H1, gold jewellery: 1:3. There is a significant negative correlation between gold prices and jewellery consumption. Gold jewellery consumption in 2024-25 was 532 tons/364 tons, respectively, -25%/-32% year-on-year; in 2026Q1/Q2, gold jewellery consumption was -37%/-27% respectively. In 2024-2025, the consumption of gold bars and coins was 373 tons/504 tons, respectively, and reached a record high in 2025; in 2026Q1/Q2, consumption was +46%/+9%, respectively. Looking ahead to 2027, CITIC Securities expects gold prices to rise amidst fluctuations, which is good for a recovery in jewellery demand.

According to the CITIC Securities Research Report, in 2023-25, the annual increase in gold prices was 17.7%/28.3%/58.5%, respectively; in 2026, gold price fluctuations increased, with the biggest drop of 28.3% during the year. Changes in gold prices have greatly changed the business model of gold and jewelry chains, that is, the amount of gold jewelry decreased and the amount of gold bars increased: 2019 consumption of gold jewellery: gold jewellery: 3:1; 26H1, gold jewellery: 1:3. There is a significant negative correlation between gold prices and jewellery consumption. Gold jewellery consumption in 2024-25 was 532 tons/364 tons, respectively, -25%/-32% year-on-year; in 2026Q1/Q2, gold jewellery consumption was -37%/-27% respectively. In 2024-2025, the consumption of gold bars and coins was 373 tons/504 tons, respectively, and reached a record high in 2025; in 2026Q1/Q2, consumption was +46%/+9% year-on-year, respectively. Looking ahead to 2027, CITIC Securities expects gold prices to rise amidst fluctuations, which is good for a recovery in jewellery demand.