The global precious metals market witnessed an unprecedented rally on December 22-23, as gold, silver, and platinum prices shattered long-standing records, fueled by macroeconomic shifts and surging retail demand.

Gold prices entered uncharted territory, with COMEX gold futures surging past $4,500/oz and spot gold breaking the $4,400/oz threshold. This represents a year-to-date increase of over 68%.

In the domestic Chinese market, retail gold jewelry prices followed suit. Major brands including Chow Tai Fook and Chow Sang Sang updated their listings to over 1,400 yuan/gram, a sharp daily jump of approximately 36 yuan.

Other metals also saw significant gains:

Platinum: Surpassed $2,000/oz for the first time since 2008.

Silver: Experienced extreme volatility; secondary market prices for silver bullion rose by nearly 50% within ten days.

Photo/Kong Zesi (NBD)

The price surge has triggered "panic buying" at retail outlets. In Wuhan, shoppers queued as early as 7:00 AM, forcing malls to implement strict anti-scalping measures, including a 5-item purchase limit and a 30-minute shopping window. Conversely, the "wedding market" is feeling the pinch, with some consumers reporting that the cost of traditional wedding jewelry has increased by over 40,000 yuan in just two weeks.

Financial experts point to a convergence of several key factors:

1.Monetary Policy: Expectations of continued Fed rate cuts through 2026 have weakened the USD and Treasury yields, boosting gold's appeal.

2.Central Bank Demand: Institutional buying remains a "ballast stone" for prices as nations diversify away from dollar reserves.

3.Safe-Haven Demand: Heightened geopolitical and economic uncertainties have driven investors toward tangible assets.

Analysts from UBS remain optimistic—suggesting that seasonal trends and structural demand could prevent a near-term peak.