Chinese Gold Retailers close stores amid high market prices

Gold retailers in China's lower-tier cities are bearing the brunt of the global market turbulence, with hundreds of stores closing over the past year as gold prices climb and consumers grow more cautious about investing in the metal. And a newly introduced gold tax is adding further pressure.

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This year, major Chinese jewellery brands such as Chow Tai Fook, Chow Sang Sang, Chow Tai Seng, and Lukfook have all reported varying degrees of store closures in their most recent fin