Gold jewellery sales sparkle once again, rise by 30 per cent as wedding banquets return to Hong Kong
Gold jewellery sales sparkle once again, rise by 30 per cent as wedding banquets return to Hong Kong
In this article, our managing director, Mr Joshua Rotbart and other experts provide their outlook on gold jewellery regaining demand as conditions ease for weddings. Newlyweds are willing to spend more on gold jewellery because there still are restrictions on the number of people that can attend wedding parties. Couples are being forced to scaled-down their wedding banquets, so they are shifting their spending to buying jewellery. But while sales have gone up, the price of gold has dropped, falling by about 5 per cent this year to US$1,805 as of December 23.
This follows a strong 24 per cent growth in 2020 and a 19 per cent increase in 2019. This year was the first decline in the price of gold since 2018 when it dropped about 1 per cent. However, the 2022 outlook for physical gold looks promising as inflationary pressures continue.
