Selling point: Customers waiting outside the Chong Kee gold shop in Hong Kong. — Reuters
Residents rushed to sell everything from gold bars to rings this week, with people weighing family jewels and counting stacks of money as they scrambled to cash in on a record rally that pushed gold above US$4,000 (RM16,900) for the first time.
At the Chong Kee gold shop near Hong Kong’s central business district, around 50 people queued outside the store with gold bullion, bracelets, necklaces and other jewellery, seeking to take advantage of prices that have soared 50% this year.
Lam, a lawyer, in line outside the shop said she was selling gold she had been hoarding for 20 years, a mix of bullion and bracelets that she kept in a tote bag.
She planned to sell several small 5-tael (6-ounce) gold bars, worth nearly HK$222,000 (RM120,400) each.
She would make many times her initial investment, she said, and planned on selling only a portion of her holdings, betting on gold prices rising even more.
“Gold is a very safe investment for me in these uncertain times. It’s solid and you can hold it forever. It maintains its value.”
Gold, traditionally seen as a store of value during times of instability, is one of the best-performing assets of 2025.
At a gold market in Shanghai this week, store managers and shop assistants said more consumers were buying gold than selling it, with many confident the price will continue to rise.
Most transactions were trade-ins, though, as customers looked to exchange older-style jewellery for newer designs.
Terence Hung, a 34-year-old father who works in construction, said he cashed out around 400g of family gold accumulated over the years, including some gold ornaments given to his son.
He received around HK$430,000 (RM233,300) for the gold, making more money from Chong Kee than other retailers, he said. — Reuters
