After rising by over 27% in 2024, the domestic gold price continues to climb in 2025, frequently breaking historical highs. On February 10th, the price of gold jewelry from brands such as Chow Tai Fook reached 873 yuan per gram, an increase of 74 yuan from the price of 799 yuan per gram on January 1st. The cumulative increase since the beginning of this year has exceeded 9%. On New Year's Eve, the price for gold jewelry was still 830 yuan per gram, but in just a few days after the end of the year, it increased by more than 40 yuan per gram When a reporter visited a gold shop in the Xidan commercial district of Beijing, a salesperson from a Chow Tai Fook store exclaimed that the price of gold has risen rapidly and fiercely. "Since the beginning of this year, the overall market price has sometimes increased by 10 yuan per gram in a day, while before it increased by 5 yuan, it was considered a huge increase." Taking a 22.81g wedding series full gold bracelet sold on Xiaohongshu as an example, the price on January 1st was 799 yuan per gram, with a labor cost of 1420 yuan. The total price before the discount was 19645.19 yuan, while the price on February 10th was 873 yuan per gram. Adding labor costs, the total price before the discount was 21333.13 yuan, nearly 1700 yuan more expensive than at the beginning of the year. The rise in gold prices can be confirmed by data from multiple gold trading markets. On the 10th, the main gold futures contract listed on the Shanghai Futures Exchange closed at 679.08 yuan per gram, hitting a new historical high of 679.5 yuan per gram during trading. In the spot market, the active gold spot trading on the Shanghai Gold Exchange, AU99.99, closed at 679.65 yuan per gram on the same day, setting a new historical high since its listing, with a year-on-year increase of over 10%. From the perspective of international gold prices, London spot gold prices broke through the $2900 per ounce mark on the 10th, while New York gold futures prices continued to strengthen on the 10th, rising above $2930 per ounce during trading. Driven by the rise in gold prices, some banks continue to raise their deposit thresholds. On the afternoon of February 7th, Bank of China announced on its official website that starting from February 10th, the minimum purchase point for its accumulated funds will be raised from 650 yuan to 700 yuan. Generally speaking, the minimum business unit for gold storage products is 1 gram. As the gold price continues to rise, the starting point for gold storage is adjusted accordingly. Where does this wave of upward momentum come from? Can the gold price break out of the long-term bullish trend? According to Qu Rui, an analyst at Dongfang Jincheng Research and Development, the recent significant sell-off of US technology stocks, the US government's announcement of tariffs on multiple countries, and the recent weakening of US economic data have led to a sharp rise in market risk aversion, significantly boosting demand for gold. Guosheng Securities believes that the recent influx of a large amount of gold from the UK into the US has also led to a tightening of spot gold liquidity in London, boosting the price of gold. According to data released by the London Bullion Market Association on the 7th, as of the end of January 2025, the total amount of gold stored in London vaults was 8535 tons, a decrease of 1.74% from the previous month and the largest monthly decline since records began in 2016. In January, the gold inventory on the New York Mercantile Exchange increased by 292.85 tons, a 42.99% increase from the previous month. As of February 6th, the total gold inventory on the New York Mercantile Exchange reached 33.86 million ounces, an increase of over 50% since January. Jiang Shu, Chief Analyst of Shanghai Xiliang Industrial Gold Circle, believes that behind the "big move" of gold, on the one hand, market participants are concerned about the US government's imposition of tariffs on gold, and on the other hand, the price of gold on the New York Mercantile Exchange is higher than that on the London spot market, bringing price arbitrage opportunities. The Office of the Investment Director of UBS Wealth Management announced on the 10th that it has raised its expectation for gold prices over the next 12 months from the previous $2850 per ounce to $3000 per ounce. UBS believes that against the backdrop of increasing geopolitical uncertainty, prolonged global interest rate cutting cycles, and strong demand from investors and global central banks, gold prices will continue to receive support. Continuous central bank purchases are considered a major "driver" of gold prices. According to data released by the World Gold Council on February 5th, central banks around the world will accelerate their gold purchases in 2024, with a total purchase volume of 1045 tons, exceeding 1000 tons for the third consecutive year. It is expected that the global central bank's demand for gold purchases will continue to dominate in 2025, "said Louise Strett, an analyst at the World Gold Council. (New Society)