China's gold prices hit new highs amid global market rally

As international gold prices continue to climb, gold prices in China have reached record highs.

On Wednesday, several major gold brands reported prices for pure gold jewelry exceeding 1,000 yuan (about 138.63 U.S. dollars) per gram, marking an all-time high.

On Wednesday local time, gold futures for June delivery on the New York Mercantile Exchange surged to 3,332.08 U.S. dollars per ounce, marking a 2.85 percent increase and setting a new all-time high for international gold prices.

Meanwhile, London spot gold prices briefly climbed above 3,310 U.S. dollars per ounce during intraday trading.

Since the beginning of April, gold has gained over 5 percent.

Driven by the momentum, the main gold futures contract listed on the Shanghai Futures Exchange once surged to 782 yuan per gram, setting a new record high. The spot gold price denominated in RMB has risen by about 26 percent so far this year, approaching the total gain for the whole of last year.

Recently, several major financial institutions, including Goldman Sachs, JPMorgan Chase, and UBS, have raised their forecasts for gold prices.

Analysts believe that as tariff tensions escalate once again and Asian markets show growing enthusiasm for gold investment, gold prices are continuously reaching new record highs.

The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth this year for the second month in a row, citing the prospects for weakening demand in non-OECD economies.

In its monthly oil market report released on Thursday, the Vienna-based oil group projected that global oil demand in 2026 will rise by 970,000 barrels per day from 2025 levels, down from the 1.17 million-barrel growth forecast in its May report and the 1.38 million forecast in April.