Chinese Rush for Gold as Prices Climb

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Gold prices are climbing as nervous investors around the world seek a safe way to preserve their wealth. But rising prices aren't deterring Chinese investors--who are buying up large quantities of the precious metal. The trend is likely to continue, as experts say the price of gold will climb higher.

Gold has always carried a timeless appeal in China--but even more so as panic grips global markets and Chinese investors seek out the precious metal as a way to preserve their wealth.

Global gold prices are pushing record highs as investors shun risk.

And with soaring prices, gold jewelry stores in China have become hot spots. In some stores, gold bullion has reportedly sold out--with customers queuing outside before they opened.

Consumers like this man told state media they see gold as a good investment.

[Consumer]:
"Since the stock market is falling now and there is no better way to invest, buying gold may be a safe investment choice for us."

Chinese economists told state media they expected gold prices to rise further.

[Liu Shan'en, secretary-general of Expert Committee of Beijing Gold Economic Research Center]:
"The currency system has not yet passed its gloomy period and things may go worse in the future. In this case, I personally think that gold price will experience a long-term rise."

Ben Yang

Category:

News & Politics

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• global market
• gold price
• safe investment
• china

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