HONG KONG: Long queues snaked outside Hong Kong’s gold shops this week as residents rushed to cash in on a historic price surge that sent gold soaring above US$4,000 an ounce for the first time. From family heirlooms to bullion bars, people brought in whatever they had, their “rainy-day” treasure, to turn it into cash.

At the Chong Kee Gold Shop, near the city’s central business district, about 50 people lined up clutching gold bars, necklaces, and bracelets, eager to sell into a rally that has pushed prices up 50 percent this year.

Among them was Theres Lam, a lawyer who had been saving gold for nearly two decades.
“It’s a very good time to sell. I’ve kept this gold for nearly 20 years now,” she said, holding a tote bag containing a mix of bullion and bracelets, including several 5-tael (6-ounce) bars worth almost HK$222,000 ($28,500) each.

Lam said she planned to sell only part of her holdings, believing prices could rise even higher. “Gold is a very safe investment for me in these uncertain times. It’s solid and you can hold it forever. It maintains its value.”

Gold prices surged past $4,000 an ounce on October 8, continuing a record-breaking rally fuelled by geopolitical tensions and global economic uncertainty. The metal, long considered a safe-haven asset, is one of the best-performing investments of 2025.

While Hong Kong residents rushed to sell, gold traders in Shanghai reported the opposite trend. Store managers said more consumers were buying than selling, confident that prices would climb further. Most transactions were trade-ins, as customers exchanged older jewellery for newer designs.

Back in Hong Kong, Chong Kee, known for offering some of the city’s best buyback rates, had to stop issuing tickets by October 9 afternoon after its 300-person quota was filled.

Inside the cramped shop, a worker tested gold purity with a blowtorch, while proprietor Chong weighed jewellery on a scale and handed out wads of cash. For larger transactions above HK$100,000 ($12,850), customers were issued cheques and asked for identification.
“It’s extremely busy,” Chong said. “Demand has been very, very high. People just want to sell.”

A handwritten sign at the entrance read: “No more customers will be served today. Come back early tomorrow morning to get a ticket, then wait outside for your number to be called.”

For some, the rush to sell was about more than profit. Terence Hung, a 34-year-old construction worker, sold 400 grams of family gold, including ornaments gifted to his son as a baby, to fund his family’s planned move to Scotland.

“We’re going to emigrate soon, so this is a great time to sell … to get some extra money for our new life,” Hung said, standing beside his wife and young son. He received around HK$430,000, more than what the other retailers offered him.