Gold Sales Flourish in Hong Kong
    2013-05-01 09:25:05     CRIENGLISH.com         Web Editor: Luo Dan


 

With international gold hitting its lowest prices in 2 years, Chinese mainland visitors have been rushing to buy up gold in Hong Kong.

CRI's Su Yi has more.

The shelves of some jewelry shops in Hong Kong have been stripped clear amid the current three-day Labor Day holiday.

"I buy gold here because, firstly, gold in Hong Kong is cheaper, and the quality of gold here is better."

Albert Cheng is the managing director of the Far East Gold Council.

"Until last year the price of gold had reached US$1,800 per ounce and US$1,700 (per ounce) kind of. These Chinese consumers are, kind of, on the sidelines saying 'wow, it is really a high price, shall I wait a while before I get in?' And the last two weeks we have seen that this pent-up demand has unleashed and the price of gold has gone down as low as US$1,320. So they all thought that this is a good price to come in. It's bargain hunting mentality."

Chow Tai Fook, the world's largest jewellery chain, says sales at its stores on the mainland, Hong Kong and Macau have increased 30 to 40-percent in the last two weeks.

The company says popular products include gold dragon and phoenix wedding bangles, floral bracelets and necklaces, which have been keeping its factory workers and production line staff busy keeping up with demand.

International gold prices have dropped about 15-percent this year.

It has been caught in a tug-of-war between physical buyers seeking bargains and wary investors cutting exposure to it on worries about central bank sales and prospects of easing inflation.

Investors are still licking their wounds after spot gold posted its biggest-ever daily loss two weeks ago.

For CRI, I'm Su Yi.

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