Lao Pu Gold's first price adjustment in 2026 increases by 20% to 30%. Online best-selling institutions expect more brands to follow suit with further increases.

Recently, the gold market has experienced a new round of price adjustments. Old shop gold stores have taken the lead in the first price change of the year, with an overall increase of 20% to 30%. For example, a necklace weighing about 20.8 grams was priced at approximately 47,300 yuan before the adjustment, and after the price increase, it rose to 60,100 yuan, a 27.6% increase. This adjustment is closely related to international gold price trends—since 2025, international gold prices have increased by over 85%, currently reaching $5,279 per ounce. Institutions like JPMorgan predict that gold could break through $6,300 per ounce within the year.

Before the announcement of the price adjustment, many old shop gold stores across various regions experienced queues of customers eager to buy. Online channels also performed strongly: during Tmall’s “3.8 Renewal Week,” combined with the price adjustment expectations and platform discounts, the brand’s sales on February 26th, when the promotion started, exceeded 300 million yuan in just one second, with daily sales surpassing 1 billion yuan—an increase of over 100 times compared to the same period last year. High-end products such as the 627,500 yuan filigree gold bowl and 500,000 yuan mandarin duck and harmony ornaments sold out within 10 minutes of going on sale, with over 30 products sold out immediately after listing. Currently, fewer than 20 products are available in its Tmall flagship store, and only 15 styles remain on JD.com, with the rest showing out of stock.

Unlike traditional jewelry stores that rely on franchise expansion, old shop gold stores focus consistently on the high-end market. Their products are mainly priced with fixed “one-price” tags, with price ranges between luxury brands and ordinary gold shops. The mid-term financial report released in August 2025 shows that as of June 30, the company’s revenue reached 12.354 billion yuan, a 251% increase year-over-year; adjusted net profit was 2.35 billion yuan, up 290.6%. Although there was only one price adjustment in the first half of 2025, in February, and gross profit margin slightly declined to 38.1% due to rising gold prices, scale effects helped improve the non-IFRS adjusted net profit margin from 17.1% to 19.0%. Based on its brand premium, HSBC recently raised the 2026 net profit forecast for old shop gold by 7% and revenue forecast by 10%.

The upward pressure on international gold prices is also affecting more brands. Chow Tai Fook plans to raise prices on fixed-price gold products around mid-March 2026, with expected increases between 15% and 25%, and some styles may reach 30%. Staff explained that fixed-price products are not priced by weight, so when gold prices rise significantly, prices must be adjusted accordingly. The brand had previously increased prices by 10% to 20% in March 2025 and by 12% to 18% in October 2025. Financial reports show that in the third quarter of fiscal 2026 (ending December 31, 2025), Chow Tai Fook’s retail sales value increased by 17.8% year-over-year, with mainland China’s growth at 16.9%. The retail value of priced jewelry accounted for 40.1%, up from 29.4%, boosting gross profit margins. During this period, the average selling price of priced gold jewelry in mainland China rose to HKD 9,500, and jewelry-inlaid jewelry averaged HKD 8,900.

Currently, major gold brands have different quotes for pure gold jewelry: on February 28, Chow Tai Fook, Lao Miao Gold, Chao Hong Ji, and Chow Sang Sang all quoted 1,608 yuan per gram, while Lao Feng Xiang quoted 1,575 yuan per gram, and Chow Tai Fook at 1,602 yuan per gram. To boost sales, most brands offer “gram reduction” discounts on weight-based products, with discounts ranging from 40 to 180 yuan per gram; some brands also offer 15% to 20% discounts on fixed-price products, but the discounted unit prices still remain higher than weight-based prices after conversion.