Sales of Rabbit year bullion set to sparkle
By Maggie Zhang |
October 28, 2010, Thursday
|
Print Edition
Print Edition
RECORD high gold prices may not deter Chinese consumers from buying "Year of the Rabbit" investment-grade gold bars when they hit the counters in December.
Dealers yesterday started pre-selling, or booking, for the gold bars. China Gold Coin Co, the nationwide wholesaler of the bullion, has started selling the gold bars, ranging from 50 grams to 1,000 grams, to dealers who will then sell the bullion to retail investors in December.
At the retail level in Shanghai, the "Year of the Rabbit" bars will be priced around 328 yuan (US$49) a gram, an increase of 16 percent from the price of the "Year of the Tiger" products. Next year is the year of the rabbit according to the Chinese lunar calendar.
Gold prices hit a record US$1,337.60 an ounce on October 14. The surge reflected a slump in the US dollar because investors are concerned of a double-dip recession and a currency depreciation as the Federal Reserve signaled a more quantitative easing policy to bolster a faltering US economy.
"We're not worried about selling even at the recent high prices," said a salesperson at China Gold. "We increased our sales network despite the high prices."
Data showed that rising prices even boosted sales of gold bars or coins in the past because buyers were afraid that prices may continue to climb.
The appetite for gold as an investment in China surged 157 percent to 37.7 tons in the second quarter of this year, said the World Gold Council. In the same period, total retail gold demand jumped 29 percent to 120 tons.
China is already the world's second biggest gold consumer after India.
Dealers yesterday started pre-selling, or booking, for the gold bars. China Gold Coin Co, the nationwide wholesaler of the bullion, has started selling the gold bars, ranging from 50 grams to 1,000 grams, to dealers who will then sell the bullion to retail investors in December.
At the retail level in Shanghai, the "Year of the Rabbit" bars will be priced around 328 yuan (US$49) a gram, an increase of 16 percent from the price of the "Year of the Tiger" products. Next year is the year of the rabbit according to the Chinese lunar calendar.
Gold prices hit a record US$1,337.60 an ounce on October 14. The surge reflected a slump in the US dollar because investors are concerned of a double-dip recession and a currency depreciation as the Federal Reserve signaled a more quantitative easing policy to bolster a faltering US economy.
"We're not worried about selling even at the recent high prices," said a salesperson at China Gold. "We increased our sales network despite the high prices."
Data showed that rising prices even boosted sales of gold bars or coins in the past because buyers were afraid that prices may continue to climb.
The appetite for gold as an investment in China surged 157 percent to 37.7 tons in the second quarter of this year, said the World Gold Council. In the same period, total retail gold demand jumped 29 percent to 120 tons.
China is already the world's second biggest gold consumer after India.
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