Gold Rush in Shanghai: Chinese Queue to Sell Gold as Prices Soar

• Chinese citizens are queuing up in Shanghai to sell gold jewelry, capitalizing on record-high gold prices.
• An automatic gold recycling machine, installed by Kinghood Group in a Shanghai mall, allows people to sell gold items for instant cash.
• Gold prices in China, similar to India, have reached unprecedented levels, with one ounce hitting $5,600 on January 29.
• Many are selling inherited gold, like a woman selling coins bought for her daughter's birth and a ring inherited from her father, making significant profits.
• The trend of selling old gold for profit is seen as a way to supplement income and could lead to further fluctuations in global gold prices.

Why It Matters: Record gold prices in China are prompting citizens to sell inherited jewelry for profit, impacting market dynamics.