Hong Kong Residents Cash In as Gold Prices Surpass $4,000

Hong Kong residents are rushing to sell their gold as prices soar above $4,000 per ounce for the first time. This week, crowds gathered at various gold shops, including the well-known Chong Kee Gold, to take advantage of a significant price rally that has seen gold values increase by 50 percent in 2025. The ongoing geopolitical and economic uncertainty has prompted many to view gold as a safer investment.

At the Chong Kee Gold shop, located near Hong Kong’s central business district, approximately 50 people formed a line outside the store, clutching gold bars, bracelets, necklaces, and other jewellery. Among them was lawyer Theres Lam, who decided to sell gold she had accumulated over the past 20 years. She carried several small 5-tael (6-ounce) gold bars, each valued at nearly HK$222,000 (approximately $28,500).

“It’s a very good time to sell. I’ve kept this gold for nearly 20 years now,” Lam stated. She expressed confidence that she would earn several times her initial investment and planned to retain a portion of her gold holdings, anticipating further price increases. According to Lam, “Gold is a very safe investment for me in these uncertain times. It’s solid and you can hold it forever. It maintains its value.”

Record Prices Spark Buying Frenzy

On Wednesday, gold prices surged past the $4,000 per ounce mark, marking a new milestone in a record-breaking rally. As investors flock to this traditional safe-haven asset, the demand for gold continues to grow. In a contrasting trend observed in Shanghai, store managers indicated that more consumers were buying gold than selling it, with many opting to exchange older jewellery for newer designs.

Chong Kee Gold, known for its appealing buyback rates, halted its ticketing system on Thursday afternoon after reaching a quota of 300 customers. In the back of the shop, a worker tested gold items for purity, using a blowtorch to ensure quality. This operational intensity reflects the heightened demand in the market.

Among those selling their gold was Terence Hung, a 34-year-old construction worker who decided to cash out approximately 400 grams of family gold collected over the years. This included gold ornaments given to his son at birth. “We’re going to emigrate soon, so this is a great time to sell… to get some extra money for our new life,” Hung shared, standing with his family as they prepared to move to Scotland. For his gold, he received around HK$430,000, noting that Chong Kee offered better rates than other retailers.

Inside the bustling shop, the proprietor, who only gave his surname as Chong, weighed gold items on a scale and promptly distributed cash to customers. For transactions exceeding HK$100,000 (about $12,850), cheques were issued, and customers had to present identification. “It’s extremely busy. Demand has been very, very high,” he remarked.

A handwritten notice at the entrance indicated that no more customers would be accepted for the day, advising them to return early the next morning to obtain a ticket.

As the demand for gold continues to rise, many in Hong Kong are seizing the opportunity to sell, driven by the hope of securing financial stability amid uncertain times.