Gold Price Hits 28-year High in "Golden Week"

Guangdongers, including Cantonese, have strong tradition of buying gold and gold-wares, especially in festivals like the "Golden Week" of Chinese National Day from October 1 to 7.

A salesman shows gold bars at a shop in Guangzhou, China on October 2. [Guangzhou Daily]

The retailing price of gold accessories soars to 28-year record high ￥223 (US$ 29.3) per gram in Guangzhou, China, starting from October 2. It is pushed by traditional festive buying rush and international price rise.

The overall sale of gold-wares, however, keeps booming in the city despite the price rocketing.

The retailers in popular shopping places like Teemall, Beijing Lu, Huanshi Dong Lu and Shang Xia Jiu profit a lot so far during the "Golden Week", while the gold shops deep inside communities and less-crowded streets suffer sale drop, according to Guangzhou Daily.

The "gold rush" makes live the trainings of gold investment and second-handed gold sourcing in Guangzhou.

Local professionals advice against the heated mind of gold investing.

(By Ronald Li)

Source: www.lifeofguangzhou.com

Editor: Ronald Li