Gold bars, decorative gold, paper gold price competition!

To choose the right gold variety, first clarify the core differences in price composition - the pricing logic of the three types of gold is completely different, which directly determines the investment cost-effectiveness and applicable scenarios. From the perspective of price alignment with international gold prices, paper gold has the most advantage, followed by gold bars. Decorative gold has the highest additional cost and the greatest price deviation.

Paper gold, as an accounting gold launched by banks, has a price almost synchronized with the international gold price, with only a few yuan per gram of spread cost, and no additional expenses such as processing fees or storage fees. It is the most transparent option among the three types of commodities in terms of price. Taking the market situation on January 20, 2026 as an example, the quoted price of paper gold by Hong Kong banks is about HKD 480/gram, which deviates less than 1% from the spot price of "Jiu Jiu Jin" announced by the Hong Kong Gold and Silver Exchange, making it suitable for short-term capture of gold price fluctuations. However, it should be noted that in 2026, several banks will tighten restrictions on paper gold trading, and some channels will raise trading thresholds. Moreover, the long-term accumulation of buying and selling spreads (0.5-1 yuan/gram) will erode returns and is not suitable for long-term holding.

The core price of gold bars is "international gold price+basic processing fee+a small amount of channel premium", and its cost-effectiveness is second only to paper gold. The standard investment gold bars in the Hong Kong market (purity 9999) usually have a processing fee of 15-30 Hong Kong dollars per gram, with a brand premium controlled within 3%. The overall price is 10-20 Hong Kong dollars higher than the international gold price per gram. Taking the 5 pairs of gold bars from the above gold and silver trading venue as an example, the quoted price on the 20th is about HKD 495/gram, which is only HKD 15/gram higher than paper gold. It also supports standardized buybacks, and the liquidity discount is relatively controllable (at the time of buyback, the daily gold price is reduced by HKD 5-10/gram). The premium of self owned brand gold bars in the banking channel is slightly higher, but the advantage lies in the repurchase regulations. The gold bar repurchase outlets of institutions such as ICBC and CCB cover the whole territory, which is suitable for long-term allocation by stable investors.

The price composition of gold decoration is the most complex, including not only the raw material price of gold, but also three core costs: design fees, process fees, and brand premium. The price deviation from international gold prices can reach 20% -50%. Brand gold jewelry in Hong Kong's Mong Kok, Causeway Bay and other commercial districts generally quoted between HKD 600-650 per gram on the 20th, which is HKD 100-150 per gram higher than gold bars. The craftsmanship cost accounts for 10% -15%, and the brand premium accounts for 5% -10%. Even though the cost of metalworking workshops in Sham Shui Po is as low as HKD 8-12 per gram, the overall price of decorative gold is still significantly higher than that of investment grade gold. Moreover, the proportion of loss deduction during gold decoration repurchase is high (most gold banks deduct 2% -5%), and some non brand gold decoration may even find it difficult to find formal repurchase channels. The investment attribute is weaker and more suitable for wearing or inheriting, rather than asset appreciation.

After selecting the right variety, the choice of buying and selling channels directly affects the final cost-effectiveness. The adaptation scenarios of different channels in the Hong Kong market have their own strengths and need to be accurately matched according to their own needs.