Rising gold prices amid the Middle East war have boosted trade in the precious metal in Hong Kong, with residents lining up to sell valuables for cash and retailers reporting that twice as many people are buying bars and pellets. Spot gold stood at US$5,165 per ounce on Thursday, below January’s peak of US$5,594.82, but…
Hong Kong customs officers have discovered HK$230 million (US$29.4 million) worth of gold and silver hidden in two air cargo shipments of household cleaning machines destined for Japan, making the largest seizure of precious metals on record. Senior Investigator Ho Ting-chun of the Customs and Excise Department’s syndicate crimes investigation bureau said on Thursday officers…
If the last two years were about saying “we are back”, this year’s Hong Kong “art week” has a more exploratory vibe, as a wave of new initiatives brings fresh ways to appreciate art and design. Here is a list of the bold first-timers creating a buzz on the fringes of Art Basel Hong Kong,…
Visitor numbers in Hong Kong rose about 14 per cent during the Chinese New Year holiday but more residents left the city, while local retailers reported bumper sales of gold products. Some retailers reported single purchases worth millions of Hong Kong dollars within categories such as watches and jewellery, even as the broader retail recovery…
Hong Kong was shaken last week by a 51 million yen (US$327,560) robbery, after two staff members from a Japanese currency exchange company reported that their cash was stolen outside a money changer in Sheung Wan. The two Japanese men told officers they had made an appointment to exchange about 190 million yen at a…
Hong Kong billionaire Cheah Cheng Hye has quietly turned a quarter of his fortune into gold, betting that in an era of sanctions, seizures, and geopolitical shocks, nothing beats metal you can touch. “If you have the physical gold in the warehouse or in your bank safe, nobody owes you anything,” he told Bloomberg News…
With Nasdaq seeking US regulatory approval to extend its trading hours to 23 hours, some industry players believe local bourse operator Hong Kong Exchanges and Clearing (HKEX) will need to consider a similar move for certain products to enhance its competitiveness. HKEX chief executive Bonnie Chan Yiting did not mention trading hours in her blog…
The People’s Bank of China just logged its thirteenth straight month of gold purchases, extending one of the most deliberate reserve-management campaigns of the post-crisis era. These purchases signal that the world’s second-largest economy is shifting deeper into sovereign-controlled, seizure-resistant assets. Against this backdrop, crypto analysts see the PBoC’s buying streak not as a bullish…
An eight-year-old boy in eastern China has ignited a heated online discussion after he chopped his mother’s gold necklace into small pieces and gave them to classmates as gifts. The boy’s unusual act, which was only discovered after the month it was carried out, left his mother angry and amused while his father beat him…
Not sure where to invest? The Bond King has a few tips. Jeffrey Gundlach, the famed fixed-income investor and the CEO of DoubleLine Capital, said he had a few portfolio recommendations for investors trying to navigate the precarious macroeconomic environment. Speaking to Fox Business this week, Gundlach recommended that investors split their portfolios into four…