Year of the Snake: gold's ascent to record highs to dampen jewellery sales
Bullion prices in the Year of the Dragon, which ended on Tuesday, jumped 35 per cent to HK$25,6o0 per tael (US$3,282 for 37.9 grams) on last trading day on Monday.
International gold prices have been on a tear since last year. Spot gold traded at US$2,772 per ounce on Monday, just shy of an all-time high of US$2,790.07 in October.
'In the Year of the Dragon, gold kept breaking record highs due to geopolitical tensions and interest rate cuts that began in September,' said Robert Lee Wai-wang, a lawmaker and chairman of Hong Kong financial firm Grand Finance Group. Tourists shop for in Hong Kong. Photo: Jelly Tse
The Year of the Dragon recorded one of the biggest increases in the price of gold in recent years, after a 6 per cent rise in the preceding Year of the Rabbit and 7 per cent in the Year of the Tiger before that, according to data from Hong Kong Gold Exchange (HKGX).
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