Since 2022, gold jewelry has maintained a hot sales trend. According to the disclosure of the National Bureau of statistics, the total retail sales of social consumer goods in 2021 was 440823 billion yuan, an increase of 12.5% year-on-year, of which gold, silver and jewelry increased by 29.8% year-on-year, much higher than the growth rate of other categories. Since 2022, the hot sales trend of gold jewelry has continued. According to the data of metals focus, the sales of China National Gold Group Gold Jewellery Co.Ltd(600916) jewelry from early January to early February were basically flat under the high base of the same period in 2021, There is a strong demand for gold jewelry. During the Spring Festival, the consumption of gold was mainly driven by the strong demand of consumers during the Spring Festival. Looking forward to the whole year of 2022, metals focus predicts that China’s annual gold jewelry market demand is expected to achieve single digit growth year-on-year.
Since the beginning of the year, the price of gold has fluctuated upward. According to our tracking, under the market expectation of tightening monetary policy of the Federal Reserve, the price of gold at the beginning of 2022 was slightly lower than that at the end of 2021. Later, with the further outbreak of the global epidemic, the stimulation of the geopolitical situation in Russia and Ukraine and the deterioration of us inflation, the price of gold continued to rise.
