[HONG KONG] Hong Kong 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 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 per cent this year.
Theres Lam, a lawyer, in line outside the shop, said that 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 five-tael (six-ounce) gold bars, worth nearly HK$222,000 (S$37,038) each.
“It’s a very good time to sell. I have kept this gold for nearly 20 years now,” Lam said.
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.”
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Gold surged past the US$4,000-an-ounce level for the first time on Wednesday (Oct 8), building on a record-breaking rally as broad geopolitical and economic uncertainty sent investors flocking to the safe-haven asset.
Gold, traditionally seen as a store of value during times of instability, is one of the best-performing assets of 2025.
More buyers than sellers
At a gold market in Shanghai this week, store managers and shop assistants said that more consumers were buying gold than selling it, with many confident that the price will continue to rise.
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Most transactions were trade-ins, though, as customers looked to exchange older-style jewellery for newer designs, the shopkeepers and staff said.
Chong Kee, a Hong Kong shop known for offering attractive gold buyback rates, stopped a ticketing system on Thursday afternoon when a 300-person quota was met.
At the back of the shop, a man with a blowtorch shot scorching flames over gold items, testing their purity.
Terence Hung, a 34-year-old father who works in construction, said that he cashed out around 400 grams of family gold accumulated over the years, including some gold ornaments given to his son when he turned one month old.
“We are going to emigrate soon, so this is a great time to sell… to get some extra money for our new life,” he said, flanked by his wife and son, with whom he planned to move to Scotland.
He received around HK$430,000 for the gold, making more money from Chong Kee than other retailers, he said.
Inside the gold shop, the harried proprietor, who impatiently gave only his surname Chong, weighed gold items on a scale and dished out wads of cash to customers. For amounts of more than HK$100,000, cheques were issued and customers were required to show identity documents.
“It’s extremely busy. Demand has been very, very high,” he said. “People just want to sell.”
A handwritten note by the entrance said that no more customers would be served for the day.
“Come back early tomorrow morning to get a ticket, then wait outside for your number to be called.” REUTERS
