China’s gold jewelry market is showing a price-up, volume-down pattern, with first-half 2026 consumption falling 30% year on year to 136 tons while spending increased 5% to 143.7 billion yuan. The World Gold Council and 12 retail brands, including Caibai Jewelry, Chow Tai Fook, Chow Tai Seng and Lao Feng Xiang, jointly released the report "2026 China Gold Jewelry Retail Trend Insights" and discussed the evolution of hard pure gold and changes in consumption. Retail stores are continuing to consolidate, while demand for self-wear and personal enjoyment has risen for three consecutive years, shifting purchases from important occasions toward everyday use. Wang Lixin, CEO of the World Gold Council (China), said hard pure gold remains at an early growth stage with substantial room to expand. The council’s outlook for gold investment sees short-term prices influenced by tensions between a hawkish Federal Reserve, favoring tighter monetary policy, and a dovish U.S. Treasury, favoring looser policy. Central-bank purchases may support the market over the medium term, while economic growth could underpin longer-term consumption and wealth-storage demand; historical data indicate an average annual gold return of about 5%.