Reply #54: Gold bars welcomed by Chinese consumers [View All]

[54anickel]

http://www.chinadaily.com.cn/english/doc/2004-11/27/content_395351.htm

With more cash in their wallets, many Chinese are looking for ways to diversify their investments to guarantee the security of assets and to even seek a profit.

For many, gold seems to be the favored choice. The second batch of 2005 New Years Celebration Gold Bars have just gone on sale in Beijing and being warmly received by potential consumers.

Ranging from 50 to 1,000 grams, the gold bars are selling at 128 Yuan per gram, an increase of 3 Yuan compared with the first batch of bars that sold out quickly just a week ago.

Wang Chunli, general manager of Beijing Caibai Department Store, said, "The main reason for the increase in price is because the international gold price rose. Our price will move closely with the Chinese benchmark."

The international gold price has been on a up-trend recently. On November 25, the international gold price hit almost a 16-year high of 452.75 US dollars per ounce. But this small increase has not frightened consumers away.

Wang said, "The first 300 kilograms of gold bars sold out very quickly. The second batch is only 200 kilograms, but we've received orders of more than 1,000 kilograms. If it is possible, we will try every means to provide a big enough third batch to meet the demand, maybe another 300 kilograms."

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