Falling gold prices lure American buyers
Increasing consumer confidence and discounts by retailers lead to year-end surge in jewellery sales
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TUMBLING gold prices, growing consumer confidence and aggressive discounting by retailers have Americans flocking to jewellers' counters this holiday shopping season. The US gold jewellery industry is on track for its highest sales for the fourth quarter since 2010 and its first annual increase in gold sales in more than a decade, precious metal consultant Thomson Reuters GFMS estimates.
"I always look for the price of gold in the news and pay attention to discounts and deals," John Mora Gonzalez, a 31-year-old mechanic in New York, said after purchasing a necklace for his wife for Christmas. He had spotted J C Penney Co's 20 per cent discount on fine jewellery, and paid US$40 for a 10-carat gold necklace.
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