Shares in Chow Tai Fook jumped 13 per cent yesterday after the world’s biggest jeweller reported soaring revenues from China’s April gold rush.
On Tuesday night, the Hong Kong-listed company said it had achieved revenue growth of 63 per cent in the three months ending June 30, as Chinese buyers flocked to the high street to snap up gold products amid a worldwide price tumble.
Over four days in mid-April, the spot price for gold plunged 14 per cent. That prompted feverish buying from Chinese consumers and led to shortages at banks, jewellers and even the Hong Kong gold exchange.
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