Hongkongers rush to sell, buy gold as precious metal’s price hits record high
Many Hong Kong residents are heading to jewellery shops to sell – or buy – gold after the precious metal hit a record-high price this week.
Gold has surged more than 10 per cent on the global market this year, reaching a record US$2,942.70 per ounce (28.3 grams) on Tuesday. That is on top of a 26 per cent increase last year – the biggest annual gain in 14 years.
The price in Hong Kong has risen in tandem, hitting HK$27,040 per tael (US$3,466 for 37.9 grams) on Tuesday, which is 35 per cent higher than at the beginning of last year.
The rise is benefiting Jewellery shops. Fook Tai Jewellery Group, which has seven retail shops in Hong Kong, is among those seeing a rush of customers. Most want to sell, but some are looking to buy. Most gold shops in the city accept clients’ gold jewellery in exchange for cash or other products.
Source: SCMP
