A peculiar gold rush is sweeping through Hong Kong this week. Long lines of people, clutching everything from weighty gold bars to delicate necklaces, have formed outside city gold shops. The reason? Gold prices just soared past $4,000 an ounce for the first time ever on Wednesday. This historic surge has turned dormant family treasures into sudden windfalls.
At Chong Kee, a well-known gold dealer near the heart of Hong Kong’s business district, more than 50 hopeful sellers waited patiently. Among them was Therese Lam, a lawyer. She planned to part with gold she had held onto for two decades, including several large bars. Each of these bars was worth nearly 222,000 Hong Kong dollars.
“It’s a perfect moment to sell,” Lam shared, noting the metal had quadrupled her initial investment. She added that while she would cash in some, she believed gold’s value would keep climbing. “Gold offers real security when things are uncertain. You can hold it, it lasts forever, and it keeps its worth.”
The global price of gold has been climbing steadily. Fears about world events and shaky economies push investors to buy gold. They see it as a safe place for their money. This has made gold one of the best investments this year, 2025. Chong Kee, known for its good buyback rates, had to stop giving out queue tickets by Thursday afternoon. They had already served 300 customers.
Inside the store, it was a flurry of activity. Workers used small torches to check the gold’s purity. The owner constantly weighed items and counted out stacks of cash for eager sellers.
Another seller, Terence Hung, 34, brought in about 400 grams of his family’s gold. This included a small golden piece his son received as a baby gift. Hung and his wife, with their son beside them, plan to move to Scotland soon. “This is a great chance to get some extra funds for our new start,” Hung explained. He walked away with around 430,000 Hong Kong dollars in cash.
Mr. Chong, the shop owner, barely had time to talk. “It’s incredibly busy,” he said, “everyone just wants to sell.” A handwritten sign on the door confirmed the shop was closed for new customers. It advised them to return early the next morning for a ticket.
This rush to sell gold in Hong Kong stands apart from what’s happening in Shanghai’s gold market. There, shop managers report more people are buying gold than selling it. Many customers simply trade older jewelry for new styles, still betting on even higher prices for the precious metal.
Source: Reuters