Hong Kong gold shops become buyers as local price hits all-time high

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Shoppers look to sell and retailers look to buy amid extreme euphoria’ in the gold market.

The local gold price has tracked the international gold price, which hit a fresh record high of US$3,357.60 per troy ounce (31.10 grams) on Thursday, driven by demand for safe-haven assets amid market volatility triggered by the escalating trade war, according to Brian Fung, CEO of the exchange.“The US tariff policy has led to highly uncertain stock and currency markets, which has led investors and central banks to rush to buy gold,” Fung said.“For Hong Kong jewellery shops, they have to change their usual business strategy, so instead of focusing on selling gold products to clients, the rising gold price means they want to buy gold from customers to make money.

The price has shot up 27 per cent this year, on top of a 26 per cent increase last year.

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Article Details

Author / Journalist: Enoch Yiu

Category: Business

Markets: Hong Kong

Topics: Usual Kong Record Jewellery Customers Hk$30 Gold Shops Hong Business Price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-18 @ 14:00:13 (5 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 216 words

Reading Time: 2 minutes read

Sentences: 4 lines

Sentence Length: 54 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 28164363

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