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Gold Price Freefall Prompts ＂Gold Rush＂ |
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| Release time:2013-05-07 Source:admin Reads: | |
| Gold purchases are picking up speed following a recent abrupt price drop for the precious metal, affecting those who run business of metal labels that made of gold, aluminum, etc. Gold bars have sold out and gold accessories are going fast at the Caishikou Department Store, the largest gold dealer in downtown Beijing. "No gold bars are available. Customers who have paid can pick up their bars in one week," said a notice posted at the store's gold sales counter. Gold had almost exclusively been purchased by wealthy Chinese before the prices plummeted. But with prices dropping significantly, those with lesser means have seen an opportunity to invest in the metal themselves. "I couldn't wait to buy gold. Many of my colleagues and friends have already made their purchases," said Zhang Jiang, a Beijinger who bought two gold necklaces and a five-ounce gold bar. Zhang said he expects to make up his losses on the depressed stock and fund markets by gaining some profit in the gold market. Gold futures on the COMEX division of the New York Mercantile Exchange suffered their biggest one-day decline since the 1980s on Monday. Manufacturers of metal labels especially solely depending on gold will be glad to see that for it takes less cost to produce labels. Prices saw their biggest one-day percentage drop since February 1983. Gold's one-day dollar drop was the biggest since January 1980 and the second-largest in its history. At a gold store in east China's city of Nanjing, one local resident rushed to buy 10 kg of gold at a total price of 2.9 million yuan, the Xiandai Express reported. Many people from ordinary consumers fascinated in gold to purchasers that deal in metal labels have lined up at local gold stores to purchase large amounts of jewelry and gold bars, the paper reported. Gold has become more popular as an investment option in China, as some believe it is immune to inflation. Gold consumption surged to 832.18 tonnes last year, a 9.35 year-on-year increase. |
