GOLD NEWS

Chinese dama strike gold

Mon April 15 2024

Middle-aged Chinese women who bargain-hunted for gold in 2013 will have made a killing if they held the bullion so far amid a recent rally in the precious metal. Back in 2013, it was estimated that the dama, a term for Chinese middle-aged women, spent a total of 100 billion yuan (HK$110.3 billion) to buy 300 tonnes of gold in 10 days when gold saw a big selloff.

Some analysts expect the dama may have seen a combined gain of 72 billion yuan if they still had the gold they bought over a decade ago, with gold prices hitting record highs. Gold prices rose above US$2,400 (HK$18,720) per ounce to an all-time high on Friday, heading for their fourth week of gains, as growing tensions in the Middle East prompted investors to seek refuge in the safe-haven assets.

Source: https://www.thestandard.com.hk/