Gold News

Jeweler looks to capitalize on rising gold prices

A Hong Kong jeweler is seeking to take advantage of rising gold prices by melting down and selling one of its most valuable assets.

Hang Fung jewelers has said that it will melt down a ton of the yellow metal from its golden lavatory tourist attraction if prices reach $1,000 an ounce, the AFP reports. The unique toilet is made from 24-carat gold and is accessorised with a number of solid gold ornaments and other objects.

With the subsequent funds the company intends to invest in an expansion of its Chinese mainland store network to take advantage of China's increasing appetite for gold - a trend likely to be of interest to those investing in gold in the country.

"Chinese people have accumulated increasing wealth in recent years and gold is still something they want to spend on," commented Albert Cheng of the World Gold Council (WGC).

According to the WGC, consumer demand for gold in China has risen by 26 per cent since 2006, reaching 326 tons by the end of 2007.

The country is now the second largest retail market for gold jewelry after India.

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