Year of the Horse spurs gold sales

Miss Lu is a tourist from Guangzhou looking to buy a golden horse ornament worth about HK$20,000 in the shopping warrens of Causeway Bay in Hong Kong a few days before the Lunar New Year.

"It will be a gift to my mother on the mainland," she said as the crowd swirled around her. "Gold is cheaper now. I bought a gold ring last week for myself."

Jewellery stores saw robust gold sales in January, stoked by demand for gold horses before the Year of the Horse. Gold horses were getting a better welcome than the reception given to gold reptiles last year in the Year of the Snake, jewellers said.

"Horses are regarded as the symbol of energy and health to the Chinese," said Lau Hak-bun, chief operations director at Chow Sang Sang. "People like to wear accessories or have golden ornaments of horses rather than snakes, which are lazy and evil in their view."

The jewellery store chain said it saw a 15 to 20 per cent increase in sales volume for January compared with last year.

Wong Wai-sheung, chairman of Luk Fook, said he also expected single-digit growth rates for gold sales in the month. Tak Sang Jewellery and Goldsmith said its gold sales rose 5 per cent in the period.