On February 19, gold prices strengthened once again, with the price of gold jewelry at brand stores such as Chow Tai Seng, Chow Sang Sang, and Luk Fook Jewellery all exceeding 890 yuan per gram. A reporter from China Securities Journal noted that gold prices have recently shown increased volatility. Banks including the Industrial and Commercial Bank of China and the Agricultural Bank of China are responding to consumer demand by actively promoting “easy gold purchases and convenient gold sales” gold repurchase strategies. In addition, some branded jewelry stores and pawnshops are also stepping up their efforts in the gold recycling business.

The gold recycling business is gaining popularity. Recently, fluctuations in gold prices have prompted some consumers to consider selling their gold products for cash. A reporter’s investigation reveals that the gold recycling business is on the rise. Currently, the main channels for recycling physical gold include banks, branded jewelry stores, pawnshops, and online gold-recycling platforms.

Recently, a reporter at a gold repurchase outlet of the Industrial and Commercial Bank of China in Beijing found that some consumers were selling their accumulated bank gold bars. One consumer told the reporter that bank gold bars have high purity, and it was precisely because they had considered the issue of future redemption that they had purchased these gold bars from the bank in the first place.

Staff at the bank branch mentioned above told reporters, “Recently, consumer demand for gold has been quite strong, and gold bar sales have been booming—especially gold bars weighing under 20 grams, which at one point were completely out of stock. Given the current high gold prices, we recommend that consumers consider regular, fixed-amount investments in gold to smooth out fluctuations in gold prices.”

It was introduced that ICBC currently has over 500 gold repurchase outlets. In addition to ICBC’s own gold bars, ICBC can also accept gold bars from more than 10 other banks—including the Agricultural Bank of China, Bank of China, and China Construction Bank—as well as from two major gold brands: China Gold and Shandong Zhaojin.

“Our bank’s specific repurchase price for gold is determined by subtracting a certain repurchase spread from the base repurchase price. The repurchase spread for ICBC-branded gold bars is 4 yuan per gram, while the spread for non-ICBC-branded gold bars and other gold products is 10 yuan per gram. The advantage of our service lies in the use of the water-dipping method for testing—simple and convenient, it doesn’t cause any damage to the gold products, and the repurchase funds can be credited to your account quickly,” said the staff member at the bank branch mentioned above.

Consumers need to compare carefully. During visits to several bank branches, reporters found that consumers must bring their personal ID cards, gold products, product certificates, and purchase receipts to the bank when selling gold. Many customer managers emphasized to reporters: “You must not damage the plastic packaging around the gold bars.”

In addition to banks, some branded jewelry stores also offer gold buyback services. On February 19, the price of Zhou Dafu’s 24-karat gold (for jewelry and crafts) was 892 yuan per gram, while the price for investment-grade gold was 782 yuan per gram, and the buyback price for gold was 665 yuan per gram. “Two days ago, the buyback price was 655 yuan per gram. No one can predict exactly how gold prices will fluctuate, but we’ve definitely had customers coming into the store these past few days to cash in their gold products,” a staff member at a Zhou Dafu store in Beijing told our reporter.

A journalist’s investigation found that, due to the need for rigorous inspection and re-weighing of goods, many gold shops require customers to be present in person when recycling gold. In addition, staff at China Gold and other gold shops told reporters that their companies offer online physical gold-recycling services. The transaction price for physical gold products is determined by subtracting a certain service fee from the real-time gold price confirmed by the customer. On February 19, China Gold’s gold-recycling price was approximately 685 yuan per gram.

When it comes to precautions for gold recycling, industry insiders told reporters that different recycling channels have varying recycling policies—including recycling prices, handling fees, service charges, and testing fees—so consumers need to carefully compare these options.

Before cashing in their gold products, consumers should familiarize themselves with current gold market prices. Consumers can stay informed about market trends by checking real-time gold prices published by authoritative institutions such as the Shanghai Gold Exchange.

Investors may consider gradually building positions at lower prices. Industry insiders advise consumers to be vigilant when liquidating their gold products and to choose reputable channels such as major banks or established jewelry stores. Be wary of promotional offers from institutions that deviate significantly from standard market prices. Also, be sure to keep all relevant receipts and documentation. If a dispute arises with the seller, promptly file a complaint with a consumer rights protection agency to safeguard your legitimate rights and interests.

Looking ahead to the 2025 gold price trend, a research report by CICC analyzes that, taking into account factors such as central banks’ gold purchases and overseas inflation, gold prices still have room to rise in the medium to long term. However, gold prices currently face certain downward pressure as they revert to their mean, which could lead to increased short-term volatility. Therefore, from an investment perspective, it is advisable to downplay short-term gains somewhat and, from the standpoint of asset allocation, focus on gold’s long-term allocation value.

Industry insiders generally believe that investors should adopt a long-term investment approach when it comes to gold. Although gold prices may experience short-term pullbacks, the medium- and long-term upward trend remains unchanged. A research report released by Huatai Securities suggests that, from a long-term perspective, global demand for gold investments is likely to continue growing. Moreover, the pilot program for domestic insurance funds’ investment in gold has just been launched, which could provide some positive support for maintaining strong gold prices.

Bankers told reporters that the factors driving gold prices higher will continue to exert their influence in the future. Given gold’s low correlation with other asset classes—such as bonds and stocks—it is advisable for investors to keep including gold in their portfolios, thereby achieving asset diversification and reducing risk. In the short term, the gold market may experience some fluctuations; investors can consider gradually building positions at lower prices when opportunities arise.