7-7-2020
Hong Kong Jewellers' & Goldsmiths' Association (HKJGA) vice-chairman Lau Hak Bun hosts a webinar today, with Metals Focus consultant Simon Yau as the guest speaker, to discuss the global gold market, mine status and industry innovations.
Yau noted that China and India are key gold consuming countries by demanding approximately around half of the global consumption. Currently, the United States holds the largest stockpile of gold reserves in the world – more than 8,000 tonnes of gold. According to his forecast, massive inflows into gold-backed ETFs together with the monetary stimulus from central banks around the world in response to the economic turmoil will push the price up even further at Q4 to over US$1,760 an ounce, but might not exceeds all-time record gold price of $1,800 an ounce hit in mid-2011.
He highlighted that gold jewellery consumption might significantly reduce. Lau suggested gold jewellery designers to keep a close eye on the fashion trend via reading fashion magazine and watching fashion show. He added: “We have to push our creativity to the limit to stay afloat during hard times.”He also urges designers to join biennial Chuk Kam Jewellery Design Competition co-organised by HKJGA and Hong Kong Trade Development Council (HKTDC).
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