On December 23, 2025, the global gold market witnessed a historic moment. Spot gold opened at $4444.98 per ounce, equivalent to 1004.8 yuan per gram, and continued to rise during the session. As of December 24, it stood at $4488.59 per ounce, equivalent to 1013 yuan per gram, officially breaking the 1,000 yuan mark per gram. This is the third significant rise following those in April and October this year, with the cumulative annual increase approaching 70%, second only to the 130% increase recorded during the second oil crisis in 1979 and the period of high inflation in the United States, making it the most eye-catching phenomenal market trend in the annual financial market.
As international gold prices have risen strongly, the domestic jewelry gold market has heated up simultaneously. The latest quotation on December 23 shows that the price of pure gold jewelry from leading brands such as Chow Sang Sang, Lao Feng Xiang, and Chow Tai Fook has increased by about 30 yuan compared with the previous day, and that of Caibai Jewelry has risen by 22 yuan. However, contrary to the market trend, the consumption situation of many gold stores is not optimistic. A sales representative of Lao Miao Gold told reporters that there have been no sales for several consecutive working days, especially in terms of jewelry gold. Data shows that in contrast to the popularity of the terminal market, China's gold consumption in the first three quarters of this year decreased by 7.95% year-on-year, among which the consumption of gold jewelry dropped by 32.50%, while the consumption of gold bars and gold coins bucked the trend and increased by 24.55%, showing a distinct characteristic of "cooling consumption and heating up investment".
01 Central banks worldwide continue to purchase gold, becoming a stabilizer for gold prices
The continuous surge in gold prices is inseparable from the support of collective increases in holdings by global central banks. As a global strategic resource, gold's role in safeguarding national economic and financial security has become increasingly prominent, making it a core choice for diversifying reserve assets in various countries. Data from the People's Bank of China shows that as of the end of November 2025, China's gold reserves reached 74.12 million ounces, an increase of 30,000 ounces from the previous month, achieving 13 consecutive months of increases, which demonstrates the country's long-term recognition of the strategic value of gold.
It's not just China; the "gold buying spree" among global central banks that began in 2022 continues. According to statistics from the World Gold Council, in October 2025, the net gold purchases by central banks worldwide reached 53 tons, a 36% month-on-month increase, setting the largest monthly net demand of the year. Among them, the National Bank of Poland performed particularly prominently throughout the year, purchasing more than 60 tons of gold in the first three quarters. Central banks in countries such as Kazakhstan, Brazil, and Azerbaijan also continued to increase their gold purchasing efforts. As of the end of October, the net gold purchases by global central banks since the beginning of the year had reached 254 tons, and 95% of the surveyed central banks expected that the global central banks' gold reserves would continue to increase in the next year.
The core logic behind central banks' continuous gold purchases is the adjustment of confidence in dollar assets," industry experts analyzed. In recent years, the U.S. debt scale has reached six times its annual fiscal revenue, falling into a vicious cycle of "borrowing new debts to repay old ones". Coupled with factors such as tariff wars and government shutdowns, the credit of the U.S. dollar has been impacted. As an asset with "no credit risk", gold has become the optimal choice for various countries to diversify reserve risks under the trend of de-dollarization, providing solid support for gold prices.
02 Frequent achievements in exploration and mining, the industry moves towards a new stage of high-quality development
Since the beginning of this year, China's gold industry has witnessed a series of good news in the fields of exploration and mining, with both resource reserves and output achieving growth. In the first three quarters of 2025, the domestic raw material gold output reached 271.782 tons, an increase of 3.714 tons compared with the same period in 2024, a year-on-year growth of 1.39%, showing stable supply capacity.
In terms of exploration, several super-large gold deposits have been discovered one after another. In November, Liaoning Province successfully proved the country's first 1,000-tonne low-grade super-large gold deposit - the Dadonggou Gold Mine, which is the largest single gold deposit found since the founding of the People's Republic of China. It has passed the economic demonstration for development and utilization, with expected good benefits. In the same month, the "Exploration of the Dongbeizhai Gold Deposit in Songpan County, Sichuan Province" project passed the review by the Sichuan Provincial Mineral Resources Reserve Evaluation Center. The results show that the Dongbeizhai Gold Mine has added 28.24 tonnes of gold resources in this review, with a cumulative proven gold resource of 81.06 tonnes, reaching a super-large scale, and the average gold grade is 3.75 grams per tonne. It is currently the largest gold mine in terms of resources that has completed filing in Sichuan. In October, the Gansu Provincial Department of Natural Resources announced the discovery of a new large gold mine in the Qianhongquan-Heishan Beitang area of Yumen City, with newly added gold resources exceeding 40 tonnes, which is equivalent to the resource volume of two large gold mines.
Beyond traditional gold-producing areas, breakthroughs have also been achieved in the southeast region. In the gold ore census project in the Lunsan area conducted by the Jiangsu Provincial Department of Natural Resources, 4 out of 6 drill holes encountered industrial gold ore bodies, with the ore thickness ranging from 3 to 5 meters and the highest grade reaching 7 grams per ton. It is expected to add more than 5 tons of gold resources and submit a medium-sized or larger mineral producing area. In addition, there have been major discoveries in several mining areas under the charge of the Natural Resources Comprehensive Survey System, China's "national team" for gold prospecting - the Hohhot Natural Resources Comprehensive Survey Center in Hadamengou, Baotou City, Inner Mongolia; the Yantai Coastal Zone Geological Survey Center in the Jiaodong area, Yantai City, Shandong Province; and the Xi'an Mineral Resources Survey Center in Zhaishang, Min County, Gansu Province have also made new discoveries, with gold reserves exceeding 100 tons each.
In terms of mining technology, China's gold industry is moving towards a new stage of high-quality development. In the first three quarters of 2025, the auxiliary shaft project of Sanshandao Gold Mine was safely completed, with a depth of 2005 meters, achieving a landmark breakthrough in ultra-deep mine construction technology. At the same time, intelligent and green mining has been comprehensively accelerated. Leading enterprises such as Zijin Mining and Shandong Gold have generally promoted technologies such as cut-and-fill mining and digital intelligent mineral processing, which have not only reduced costs and increased efficiency, but also significantly improved safety and environmental protection standards.
It is worth noting that domestic gold enterprises are accelerating their global layout and capital operation. Zijin Mining acquired the large Raygorodok gold mine in Kazakhstan for 1.2 billion US dollars. The mine produces about 5.5 tons of gold annually with a remaining service life of 16 years. In September, Zijin Gold International was listed on the main board of the Hong Kong Stock Exchange, becoming an important milestone in the global development of China's gold industry. After Zhaojin Group acquired 100% of the shares of Jindu State Investment, its revenue is expected to reach 149.26 billion yuan. Chifeng Gold, Shandong Gold and other enterprises are also continuously improving their industrial chain layout through H-share listings and strategic investments.
The strong performance of gold prices has been directly transmitted to the capital market. In 2025, the gold sector became a "star track" in the A-share and Hong Kong stock markets. Leading enterprises in the sector have performed particularly well. Zijin Mining's market value has steadily remained above 800 billion yuan. The stock prices of core targets such as Shandong Gold and China Gold International have continued to strengthen. Chifeng Gold's stock price has soared from around 18 yuan half a year ago to more than 30 yuan now, with an increase of over 60%.
03 Multiple Logical Supports: The 2026 Trend Attracts Widespread Attention
Faced with the continuously rising gold price, a question arises: why can the gold price keep rising against the backdrop of the simultaneous growth in global gold reserves and output? Will this trend continue in 2026?
Experts point out that the value of gold has never depended on the supply and demand relationship of ordinary commodities, but is closely related to the global credit system and economic structure. Currently, the rise of anti-globalization, frequent tariff wars and trade wars, and supply chain restructuring are giving birth to an era of higher production costs, and structural inflationary pressures will exist for a long time. At the same time, the high global debt scale makes central banks reluctant to raise interest rates easily, while the end of the "era of cheapness" makes it difficult for inflation to fall. This closed loop determines that the price of gold is unlikely to drop rapidly in the short term.
Looking deeper, the rise in gold prices is driven by the resonance of multiple factors. First, geopolitical risks continue to escalate, with situations such as the Middle East conflict and the Ukraine crisis remaining unresolved, which has boosted the market's demand for safe-haven assets and prompted funds to flow into gold, a "safe haven". Second, the U.S. economy is facing multiple challenges, including debt issues and heightened policy uncertainty, which have reduced the attractiveness of dollar assets and further highlighted the allocation value of gold.
The high cost and long cycle of gold mining also provide support for its price. Unlike agricultural production or production in other industries, gold mining, from obtaining mining rights, land expropriation, tunnel excavation to equipment installation, often requires a construction cycle of seven to eight years or even more than ten years. Even after the ore is mined, it needs to go through complex processes such as crushing, grinding, and chemical extraction to extract only a dozen grams of gold from each ton of ore. Coupled with tailings treatment, labor costs, etc., each step requires a huge amount of capital investment, which makes the marginal cost of gold continue to rise.
However, there are also different voices in the market. Some argue that the current rise in gold prices may involve factors of capital speculation. Unlike energy resources such as coal, iron ore, and oil, gold does not have rigid industrial demand. Once it is divorced from the support of real demand and subject to excessive speculation, it may lead to a price bubble, which will eventually face the risk of price collapse.
Faced with the booming gold market, experts remind investors to remain rational and fully understand market risks. For ordinary consumers, gold jewelry mainly serves a decorative function. Its price includes a craftsmanship premium, so it is not suitable as a primary investment tool. If there is an investment need, one can choose financial products such as gold bars, gold coins, or gold ETFs. However, it is necessary to reasonably allocate investments based on one's own risk and tolerance, and avoid chasing upward trends or selling in a slump.
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