As gold prices remain near record highs, Macau’s gold industry is adjusting to meet changing consumer demand. The Macau Goldsmiths Association is encouraging jewellers to create lighter, more affordable pieces to help customers cope with the rising cost of gold.
Gold prices in Macau hit an all-time high of MOP 30,000 per tael last October. Although prices have eased slightly since then, they remain elevated. The association expects further increases, driven by global market trends and ongoing geopolitical tensions.
“Prices are still high even after a small drop from last month,” said Li Juren, president of the Macau Goldsmiths Association. He noted that international instability and changes in trade policies are pushing more investors to seek safe-haven assets like gold. As a result, confidence in the gold market remains cautiously optimistic.
However, while foot traffic in gold shops has stayed steady during the first half of 2025, spending per customer has gone down. Li said this drop is due to both high prices and a broader trend of cautious consumer spending. Fewer customers are making large purchases, which has hurt overall sales compared to last year.
To address this, jewellers are adopting a “light gold” approach. They are designing jewellery that uses less material but still looks attractive. The goal is to offer better value for money and keep products within reach for budget-conscious buyers.
Earlier this year, shop owners reported that customer sentiment in the gold market had become more cautious. In 2024, gold prices surged by 42%, creating added pressure for both consumers and businesses.
Many jewellers are now calling on the government to provide support. They believe that financial assistance could help ease the burden on buyers and stabilize the market during this challenging period.
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