Spot gold climbed, briefly topping $4,300/oz intraday to a seven-week high;
futures extended recent gains. The rise transmitted to China’s retail market:
Shenzhen Shuibei wholesale quotes for 999 fine-gold jewelry are around 1,100
yuan/gram, about 50 yuan higher than two days ago. Buying patterns have shifted
from the year‑start panic buying — investors are broadly more cautious; demand
is now concentrated in wedding-related and value-preservation purchases. Gold
recycling and trade‑in activity is uneven across the market.
