Bullion glitters as realty fizzles out

BEIJING - The record high prices for the yellow metal this month, on the back of strong investor demand, has proved to be a windfall for bullion dealers and pawn shops.

"On average, we receive 30 to 40 telephone calls every day from customers about the prices for gold bars and jewelry, something we have not seen in recent times," said Li Chunhua, marketing director at Beijing Huaxia Pawnshop Co, which operates seven shops in the capital city.

Huaxia's business in pawned gold has risen by 30 percent this month from a month earlier, while gold sales jumped 45 percent over the same period. "Gold transactions had been relatively stable over the past two years when compared with the property and automobile sectors. So we were surprised to see a surge in demand," Li said.