Hong Kong's Gold Rush: Residents Cash in Amid Record Highs

Hong Kong residents are selling gold in a rush to cash in on soaring prices, with markets experiencing unprecedented activity. The price of gold has surpassed $4,000 an ounce for the first time, with sellers, including long-time investors, eager to profit. Yet, buyers remain hopeful of future gains.

Hong Kong has witnessed a gold rush like never before as residents flock to sell their precious metal holdings, capitalizing on a historic rally that pushed prices above $4,000 an ounce for the first time.

Among those cashing in is Theres Lam, a lawyer, who after two decades, decided to sell part of her gold collection, reaping significant profits and betting on future price increases.

Meanwhile, gold markets in Shanghai report a balance tilt towards buying, with many trading in older pieces for newer designs. Demand is so intense at some shops that they're imposing quotas and advising eager sellers to return the next day.

(With inputs from agencies.)