Drop in gold price in Hong Kong sparks investor sell-off but attracts buyers from mainland
By Tiffany Ap
South China Morning PostÂ
The scene in Hong Kong at each of the four Chow Tai Fook stores dotting Causeway Bay’s Hennessy Road was the same: a rush of buyers snapping up jewellery, coins and other gold items.
Gold investors elsewhere around the world were dumping the precious metal last week as it dropped to its lowest price in three decades. However, buyers in Hong Kong, particularly those from the mainland see value – they have been swooping on Hong Kong jewellery shops to buy at what they perceive are bargain prices.
A woman from Zhejiang braved the rain to scurry between several jewellery chain stores within a stone’s throw of each other. She was in the market for gold necklaces and bracelets, which she plans to give to her daughter when she marries.