Old Shop Gold Price Increase! The average price per gram approaches 3000 yuan

On February 28, China Securities Journal reporters learned from several Lao Pu Gold stores that many of their pure gold jewelry products have completed a new round of price adjustments, with an average increase of 20% to 30%.

On the evening of February 27, reporters visited multiple Lao Pu Gold stores and found that sales were booming just before the price increase. On February 28, after revisiting these stores, they found that the price adjustments had been made, but restocking has not yet occurred, and popular products are still out of stock. Online sales channels show that, as of now, several popular products at Lao Pu Gold’s official Tmall flagship store are sold out.

In terms of price per gram, after the adjustment, many products are approaching 3,000 yuan per gram. A staff member at Lao Pu Gold told reporters that Lao Pu Gold sells not just gold itself, but also the added value of craftsmanship and personal preferences.

Price per gram approaching 3,000 yuan

“All price tags were updated early this morning,” a sales staff member at Lao Pu Gold’s Wangfujing Zhonghuan store in Beijing told reporters on the 28th. “The current round of price increases averages between 20% and 30%. Some are above 30%, some below 20%, but overall the average increase is between 20% and 30%. The company has not withdrawn any products.”

During two visits, reporters found that before this round of price adjustments, Lao Pu Gold’s plain gold products were around 2,000 yuan per gram, and the diamond-set series ranged from 2,500 to 3,500 yuan per gram. After the price increase, most products are approaching 3,000 yuan per gram, with some diamond-set items around 4,000 yuan per gram.

On the evening of February 27, when visiting, many consumers had selected styles online, brought pictures to physical stores to purchase, but by the time they queued, high-value styles were already sold out.

“Most remaining items are large pieces or products with higher per-gram gold prices. I queued for an hour and a half to buy a phoenix brooch, but it was bought by someone ahead of me. It’s also a matter of luck on the spot. Gold prices are very high now, and people aren’t just rushing in to buy; they’re also looking at styles,” a gold buyer told reporters.

In 2025, Lao Pu Gold raised product prices three times in February, August, and October. This price adjustment is also Lao Pu Gold’s first change in 2026.

As gold prices continue to rise, many jewelry brands are adjusting the prices of “fixed-price” products. In January 2026, Chow Sang Sang was the first to raise prices on some fixed-price gold jewelry. Later, Chao Hong Ji also adjusted the prices of their fixed-price products.

There are reports that Chow Tai Fook may initiate a price increase in mid-March, focusing on “fixed-price” products. In response, Chow Tai Fook stated: “The price adjustment is real, but the timing and extent have not been determined. Price adjustments are part of the group’s routine operational policies, and the company will make timely adjustments based on market conditions and product demand.”

Major challenges in gold jewelry buyback business

It is worth noting that while gold prices are rising steadily, the buyback business faces significant difficulties.

A sales staff member at Chow Tai Fook said the company has currently suspended its gold buyback service.

“Gold buyback was operating normally before the Spring Festival holiday, but it was paused during the holiday and afterward. Previously, when buyback was active, returning products from other brands required a receipt, and there was a 2% loss. For our own brand, there was no loss, but the buyback price was about 500 yuan per gram lower than the selling price,” the staff member explained.

Regarding Lao Pu Gold’s buyback of gold jewelry, some buyers told reporters that compared to other brands, Lao Pu Gold’s premiums are higher. To sell back, most consumers use secondary luxury markets or online second-hand platforms. If calculated at normal buyback prices, Lao Pu Gold’s jewelry buyback value is roughly halved.

“Items with wear marks or brand-new, unused pieces are definitely valued differently when bought back. But jewelry is mainly for wearing, so once worn, the resale value also depreciates accordingly. These items are more about personal enjoyment, and their investment value still needs further market validation,” several salespeople said during visits.

Expert warns of risks

Dong Ximiao, Chief Economist at Zhaolian and Deputy Director of Shanghai Financial and Development Laboratory, stated that the long-standing tradition of investing in gold has led many investors to mistakenly believe that gold is a stable store of value that never changes. However, gold prices do fluctuate significantly at times, and investing in gold also carries risks. Investors should optimize their asset allocation risk-return ratio, paying attention to price volatility, liquidity risks, and opportunity costs, and strive for stable returns based on objective analysis of gold prices. With gold prices at high levels, short-term volatility risks increase, requiring investors to have appropriate risk tolerance.

Looking ahead to 2026, Dong Ximiao said that the long-term upward trend of gold prices remains unchanged. The trend of monetary easing continues, and markets expect the Federal Reserve to continue cutting interest rates, which will sustain the value of gold investments. The global central bank gold-buying frenzy persists, and investor demand for safe-haven assets remains strong. These factors will support gold prices, and short-term fluctuations do not alter these long-term fundamentals. However, investment and wealth management should be based on personal experience, ability, and risk preferences, with appropriate asset allocation for individuals and families. Do not chase gains or panic sell. Overall, whether investing in gold or other products, choose methods and products you understand and that suit you, avoiding blindly following trends or investing impulsively.

(Source: China Securities Journal)