Hong Kong, mainland Chinese consumers adapt to gold prices amid wedding jewellery demand
A pair of gold dragon and phoenix bracelets, the most basic bridal gifts, now costs 48 per cent more than at the start of the year
“We had no choice but to buy the gold dragon and phoenix bracelets and other jewellery last week because our wedding day is getting close,” said Siu, who has booked his wedding in December.
Gold prices, which have surged more than 48 per cent this year in the global market, reached a record high of US$3,883 per ounce on Wednesday. That came after recording a 26 per cent increase last year – the biggest annual gain in 14 years.
Gold prices in Hong Kong have risen in parallel to the international market. It hit HK$35,370 per tael (37.51 grams) on Tuesday, while gold for jewellery rose to HK$42,840 per tael.
“Following the surge in international gold prices since March last year, we have observed that consumers have gradually adapted to this new level,” a Chow Tai Fook spokesman said.