China's gold retail market is in its seasonal peak, but buying patterns are
shifting: with spot gold at elevated levels, consumers are favoring low-weight,
small-gram products over the large bars that were popular earlier in the year.
Retailers report a pattern of lower average gram weight per purchase while
overall demand remains intact. Ahead of Qixi, major jewelers ran promotions:
Chow Tai Fook offering items from 10% off, Lao Fengxiang discounting priced gold
jewelry by 80 yuan per gram, and Chao Hongji at 15% off single items and ~17%
off two-item purchases. Qu Rui, senior vice director of research at Orient
Jincheng, says small-weight sales reflect consumption stratification and
scenario-based demand in a high-price environment. Since early 2026 gold prices
have rebounded, lifting the market’s effective price floor and raising retail
entry thresholds. Seasonal festivals may provide intermittent support for
consumption, but high gold prices and household income expectations should
continue to constrain demand growth.
