Amid conflict in the Middle East, the number of people buying gold bars and pellets in the city doubled last weekend, industry veteran says
Rising gold prices amid the Middle East war have boosted trade in the precious metal in Hong Kong, with residents lining up to sell valuables for cash and retailers reporting that twice as many people are buying bars and pellets.
Spot gold stood at US$5,165 per ounce on Thursday, below January’s peak of US$5,594.82, but still near historic high levels as US-Israel strikes in Iran stoked safe-haven demand.
The conflict has spread rapidly across the Middle East, drawing in Iranian-backed militias and raising fears of wider instability and a prolonged regional war.
Israel on Thursday launched another large wave of strikes on Tehran, targeting what it said was missile infrastructure and launch sites.
Outside Choi Kee in Jordan, which buys a variety of precious metals, residents on Thursday were seen lining up to sell gold.
Vegetable seller Wong Ka-chun said he hoped to get nearly triple the price for his gold items.
“I think the price is really good right now,” he said. “I also do not want to keep so many of these items at home, so I think this is the right time to sell them.”
Source: News - South China Morning Post
