Latest news with #HongKongGoldExchange
South China Morning Post
18-04-2025
- Business
- South China Morning Post
Hong Kong gold shops become buyers as local price hits all-time high
Hong Kong's gold jewellery shops are reversing the usual course of business by stepping up efforts to buy the precious metal from customers, after the local price hit a record high. Advertisement Gold in Hong Kong traded at an intraday record high of HK$30,930 per tael troy (US$3,991 for 37.429 grams) before closing at HK$30,710 on Thursday, a day after it broke through the HK$30,000 level, according to data from the Hong Kong Gold Exchange. The price has shot up 27 per cent this year, on top of a 26 per cent increase last year. The local gold price has tracked the international gold price, which hit a fresh record high of US$3,357.60 per troy ounce (31.10 grams) on Thursday, driven by demand for safe-haven assets amid market volatility triggered by the escalating trade war, according to Brian Fung, CEO of the exchange. 'The US tariff policy has led to highly uncertain stock and currency markets, which has led investors and central banks to rush to buy gold,' Fung said. Advertisement 'For Hong Kong jewellery shops, they have to change their usual business strategy, so instead of focusing on selling gold products to clients, the rising gold price means they want to buy gold from customers to make money.'
South China Morning Post
14-02-2025
- Business
- South China Morning Post
Hongkongers rush to sell, buy gold as precious metal's price hits record high
Many Hong Kong residents are heading to jewellery shops to sell – or buy – gold after the precious metal hit a record-high price this week. Gold has surged more than 10 per cent on the global market this year, reaching a record US$2,942.70 per ounce (28.3 grams) on Tuesday. That is on top of a 26 per cent increase last year – the biggest annual gain in 14 years. The price in Hong Kong has risen in tandem, hitting HK$27,040 per tael (US$3,466 for 37.9 grams) on Tuesday, which is 35 per cent higher than at the beginning of last year. The rise is benefiting jewellery shops. Fook Tai Jewellery Group, which has seven retail shops in Hong Kong, is among those seeing a rush of customers. Most want to sell, but some are looking to buy. Most gold shops in the city accept clients' gold jewellery in exchange for cash or other products. 'Many customers have come to cash in their gold jewellery since May last year,' said Anita Lee, product manager at the company. 'At the same time, there are also many customers, particularly mainland visitors, who are going to get married and are rushing to buy gold jewellery now, as they are worried the price will go up further.' Many people were also buying gold bars and coins in expectation of further price increases, she said. 'Whenever gold prices rise, customers tend to cash in their existing gold jewellery,' said Robert Lee Wai-wang, vice-president of Hong Kong Gold Exchange, the local gold bourse. 'They could make decent earnings if they bought their gold jewellery some years ago.'
Yahoo
29-01-2025
- Business
- Yahoo
Year of the Snake: Hong Kong firms use lai see envelopes as marketing tool in digital era
Hong Kong and its tech-savvy residents may have fully embraced digital banking, but companies continue to offer unique and fancy red envelopes, or lai see packets, to clients as an inexpensive way to promote their brand and business. HSBC and ICBC (Asia) have taken the opportunity presented by the Year of the Snake starting on Wednesday to promote key milestones. Hong Kong's largest bank is celebrating its 160th anniversary, while ICBC completes 25 years in the city. The Hong Kong Gold Exchange, meanwhile, is using lai see to promote its rebranding after being known as the Chinese Gold & Silver Exchange Society for the last 114 years. HSBC has created a special limited edition set of lai see envelopes featuring the bank's iconic lions and depictions of its Hong Kong headquarters across different eras. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "Despite the emergence of e-lai see, we have observed a consistent demand for lai see envelopes, which tend to run out quickly," said Cheuk Shum, head of marketing for wealth and personal banking at HSBC Hong Kong, noting that the bank also offers e-lai see services through its PayMe and mobile phone apps. HSBC's limited edition lai see box set to celebrate its 160th anniversary in the Year of the Snake. Photo: Handout alt=HSBC's limited edition lai see box set to celebrate its 160th anniversary in the Year of the Snake. Photo: Handout> Shum added lai see envelopes were an important tradition as they allowed people to personally greet friends and family and wish them well. It is a Chinese tradition for married couples to give lai see, or blessing money, to unmarried friends and family members, including children, during the first seven days of the Lunar New Year. Many of HSBC's lai see box sets are now being flogged on the online marketplace Carousell, ranging from a few hundred dollars to as much as HK$3,800 (US$488). ICBC has incorporated a special 25th-anniversary logo on its lai see - a golden serpent symbol signifying blessings and prosperity. Hong Kong Gold Exchange has sent out more than 60,000 lai see packets with its new logo to bestow a "house full of gold and silver" for its users. "Sending out lai see packets for the Lunar New Year has come at an opportune time to promote our rebranding since January 1," said Cherry Lai, a spokeswoman for the exchange. "Each lai see packet costs only about HK$1, an extremely cost-effective way to market ourselves and to send new year blessings to our contacts." UBS, Standard Chartered, Julius Baer, Morgan Stanley, Bank of China (Hong Kong) and others have preferred to use other symbols of good fortune, such as flowers, fish and birds for their lai see envelopes, because any unused zodiac animal packet cannot be reused for another 12 years. Still, others such as KGI Asia, Mastercard, Janus Henderson and Bank of Communications Hong Kong have adopted the snake on their lai see to reflect the zodiac animal of the year. Many banks have also sent exclusive lai see handbags and gift boxes to their high-net-worth customers, as wealth management now accounts for a significant chunk of business. Some non-financial companies have used lai see envelopes to promote their brands. The red packet of HK Express, the budget arm of Hong Kong's Cathay Pacific Airways, features its signature "Gotta Go" tagline symbolising progress and upward momentum. While the tradition of physical lai see remains strong, e-lai see has taken off in recent years, according to the Hong Kong Monetary Authority (HKMA). "The HKMA has been collaborating closely with banks to promote the use of e-lai see via the Faster Payment System [FPS]," an HKMA spokesman said. "There has been a significant increase in the number of transactions processed via FPS over the past few years." ZA Bank, an online-only lender, said its customers had sent 420,000 e-lai see requests until the end of last year since the digital function was introduced in 2022. Since the HKMA encouraged the public to use e-lai see in 2021, the annual quantity of new banknotes issued by the three note-issuing banks has decreased by around 25 per cent compared with 2019-2020, according to the city's de facto central bank. HSBC said the demand for new banknotes this Lunar New Year increased by 50 per cent from a year earlier during the first three days of the service starting from January 14. Bank of China said the demand for new banknotes was stable, with HK$20 and HK$50 bills the most popular. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
South China Morning Post
29-01-2025
- Business
- South China Morning Post
Hong Kong firms use lai see envelopes as marketing tool in digital era
Hong Kong and its tech-savvy residents may have fully embraced digital banking, but companies continue to offer unique and fancy red envelopes, or lai see packets, to clients as an inexpensive way to promote their brand and business. HSBC and ICBC (Asia) have taken the opportunity presented by the Year of the Snake starting on Wednesday to promote key milestones. Hong Kong's largest bank is celebrating its 160th anniversary, while ICBC completes 25 years in the city. The Hong Kong Gold Exchange, meanwhile, is using lai see to promote its rebranding after being known as the Chinese Gold & Silver Exchange Society for the last 114 years. HSBC has created a special limited edition set of lai see envelopes featuring the bank's iconic lions and depictions of its Hong Kong headquarters across different eras. 'Despite the emergence of e-lai see, we have observed a consistent demand for lai see envelopes, which tend to run out quickly,' said Cheuk Shum, head of marketing for wealth and personal banking at HSBC Hong Kong, noting that the bank also offers e-lai see services through its PayMe and mobile phone apps. HSBC's limited edition lai see box set to celebrate its 160th anniversary in the Year of the Snake. Photo: Handout Shum added lai see envelopes were an important tradition as they allowed people to personally greet friends and family and wish them well.
South China Morning Post
28-01-2025
- Business
- South China Morning Post
Year of the Snake: gold's ascent to record highs to dampen jewellery sales
Gold jewellery sales are expected to continue to decline in the Year of the Snake, as record-high prices of the precious metal have weakened consumer appetite, according to industry players. 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).
