"Free Water Utility Fees and Sales Too"... Chinese Buyers Going to Hong Kong to Buy Gold

Hong Kong Still Offering Lunar New Year Discounts
Some Stores Attract Customers with "Free Labor Fee" Promotions

Due to the soaring gold prices for consecutive days, a gold shortage has occurred in the market, leading mainland Chinese to travel to Hong Kong to purchase gold.

Chinese local media such as Zhongxin Jingwei reported on the 14th that "recently, long lines of mainland Chinese have been spotted in front of precious metal stores in Hong Kong."

The Hong Kong Gold Exchange is emphasizing discounts. Photo by Zhong Xin Jingwei

Hong Kong is still running Lunar New Year discount promotions. Moreover, considering the price difference between the Hong Kong dollar and the yuan exchange rates, gold can be purchased slightly cheaper than on the mainland. Some stores even offer "free labor fees" promotions to attract customers.

Currently, buying gold in Hong Kong is about 80 yuan (approximately 15,000 won) cheaper per gram compared to the Chinese mainland. Many stores also welcome mainland visitors by allowing payments in yuan.

On Chinese online platforms, posts sharing ways to buy gold slightly cheaper in Hong Kong are popular. One Chinese buyer who spent over 30,000 yuan (about 6 million won) to purchase a 40g gold ornament shared, "At one store, the desired design was already sold out, so I had to wait three hours at another store to buy it." Another purchaser said, "Hong Kong is running a Lunar New Year promotion offering a 100 yuan (about 19,000 won) discount on purchases over 1,000 yuan (about 198,000 won)," adding, "I came all the way here because Hong Kong jewelry styles are prettier than those on the mainland."

People lined up in front of the Hong Kong Gold Exchange. Photo by Zhong Xin Jingwei

Chinese media warned that mainland travelers must declare to customs if they carry in or out gold or gold-related products exceeding 50g. They also advised caution against purchasing scams and low-quality gold jewelry. Tian Lihui, a professor in the Department of Finance at Nankai University, warned that consumers buying gold in Hong Kong may face risks such as exchange rate fluctuations, market volatility, quality issues, and risks related to refunds or exchanges.

Since the inauguration of U.S. President Donald Trump, uncertainty in the international economy has increased, and due to pressure from comprehensive tariff impositions, the price of gold, a safe-haven asset, has continued to soar. This month, gold prices have approached $3,000 per ounce, nearly doubling compared to the previous year.