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Big spenders go for gold in new year rush
Last Updated(Beijing Time):2007-02-24 11:06
The gold rush is reaching fever pitch in major cities across the country during Spring Festival.

In Guangzhou, capital of South China's Guangdong Province, retail sales of gold products had reached 7.82 tons since February 10, Xinhua News Agency reported on Friday.

That amount of gold could cover 100 square meters in standard gold bars, it said.

Calculated at a price of 223 yuan ($29) per gram, customers in Guangzhou had spent a record high of 1.74 billion yuan ($224 million) on gold products in two weeks.

In Beijing, a special gold ornament named "lucky balls" has attracted much attention in recent days.

Local media reported that the biggest gold store in the capital, Beijing Caishikou Department Store, every day sells thousands of such one-gram small balls, which could either be worn on the wrist or around the neck.

Chen Sufen, a customer who had just bought two gold pig-shaped pendants as gifts for friends, told Xinhua that she believed gold could bring people good luck, and also be a good investment.

A symbol of wealth and good fortune, gold traditionally has a special place in the hearts of Chinese people.

Other than tradition, a combination of other factors, including the depreciation of the US dollar, and the surge in prices of a wide range of commodities, has also fuelled the latest gold rush.

While average punters have been hit by a gold rush fever, others are keeping it cool.

Experts in Guangzhou have reminded people who want to invest in gold to wait for the post-holiday sales.

Source:China Daily 
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