Record gold prices hit businesses, some report 25% drop in sales
By Hoe Yeen Nie, Channel NewsAsia | Posted: 28 November 2009 2134 hrs

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SINGAPORE: Spiralling gold prices have hit a 30-year high. This has been bad news for businesses here, with some goldsmiths reporting a 25 per cent drop in sales.

With prices three times that of last year's, gold is losing its shine among buyers.

By all accounts, business tends to be brisk during the year-end period, when many couples get married. But the sharp spike in prices hasn't helped sales of gold jewellery much.

Nonetheless, there may be a silver lining. Shops said on Saturday that some customers are switching to other types of jewellery, with sales of those items increasing by 15 per cent.


- CNA/so