TOKYO - With gold prices hitting another record high on Monday, people are flocking to pawnshops across Tokyo.
"Looks like around 56 pieces? I saw on the news that prices were up, so I'm satisfied with the several hundred thousand yen I got," one customer remarked. The domestic retail price of gold soared to Y13,180 per gram today, more than doubling the peak price of Y4,791 from March ten years ago.
In Tokyo, a man brought in three gold necklaces, entrusted to him by his family, for appraisal. The total valuation came to Y450,000. "With gold hitting all-time highs, if you're going to sell, now's the time," he said, echoing the sentiment that sellers are currently more prevalent than buyers.
While older individuals in Japan are typically the ones purchasing gold, recognizing its historically appreciating value, young Chinese are making waves with their gold purchases. One woman showcased a mahjong set made entirely of gold, valued at approximately Y3.6 million. "Playing mahjong with it won't reduce its quantity," she joked, amid a backdrop of babies adorned in gold jewelry on social media.
In an unprecedented gold rush, young Chinese are prioritizing security over luxury. "I impulsively bought it. From now on, I'll save one bead a month," shared a young woman, adopting the trend of accumulating "kings of wealth" or gold beads as a form of asset management.
This growing trend is attributed to China's economic slowdown, making investments in real estate or securities riskier. "Gold remains stable and is unlikely to depreciate, offering a sense of security," an expert explained, suggesting that the allure of gold investment is only expected to rise, especially with China's economic outlook remaining dim for the next decade.
