Gold Sales Decline in Hong Kong Signals Lower Chinese Demand

Gold sales at jewelers in Hong Kong have declined as mainland shoppers buy less, the Chinese Gold & Silver Exchange Society said, adding to signs of a slowdown in consumption by the world’s largest user after 2013’s surge.

Demand dropped about 30 percent from a year ago during the Golden Week break that began May 1, according to Haywood Cheung, president of the century-old bullion bourse. The holiday this year was shorter and there were fewer visitors as luxury spending fell and gift-giving slowed, he said in an interview.