Hong Kong gold jewelry sales hit record high in Year of the Dragon

(Illustration: Getty).

Gold jewelry sales are expected to increase by at least 30% in the Year of the Dragon 2024 due to the "Dragon" fever. Therefore, many industry experts believe that gold prices will increase to a record level.

"Many couples choose to get married and have babies in the Year of the Dragon because the dragon is a sacred animal in Chinese culture, representing power and strength," said Zhang Dexi, chairman of the China Gold and Silver Exchange Association. Previous Dragon years have also seen a spike in the number of babies born.

Mr. Truong also added that many jewelry stores have increased their dragon-themed gold products by 30% compared to last year, expecting a significant increase in sales.

Lukfook Group, one of Hong Kong's largest gold jewelry retailers, has launched a series of gold dragon jewelry and artifacts, including coins, bracelets and necklaces.

In addition, Nancy Wong, CEO at Lukfook, added: "We have also prepared a lot of gold dragon jewelry with marriage and baby themes to meet consumer demand. In addition, this year's Valentine's Day falls on the 5th day of the Lunar New Year, so we have prepared gold jewelry for this day."

Rotbart and Company, a small gold trading company with branches in Hong Kong, Singapore and the Philippines, also offers a line of dragon-patterned gold bars. "We have received a large number of pre-orders not only from Hong Kong customers but also from Singaporean Chinese and Filipinos," a company representative revealed.

Mr. Truong predicts that the gold price will increase by about 30%, to 3,196 USD/tael. The international gold price may increase from the current level of 2,035 USD/ounce to a near record high of 2,500 USD/ounce.

Source: https://dantri.com.vn/the-gioi/doanh-so-vang-trang-suc-o-hong-kong-tang-ky-luc-trong-nam-rong-20240212151434164.htm