Gold Bars Selling 'Like Hot Cakes' in China

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The high price of gold isn't stopping people in China from buying more of the precious metal.

Reuters found that sales in Shanghai shops are still solid, even though August is usually a slow month for Chinese jewelers.

Local shoppers seem to be unfazed by gold's high price gains over the past few months and are willing to pay the price.

"The surge in prices has sparked another gold-buying craze. The 50 gram and 100 gram gold bars were selling like hot cakes," the store manager at Shanghai's major jeweller Lao Feng Xiang Co Ltd. said.

The manager said gold sales this month were up at least 30 percent from a year ago.

Chinese consumers are expected to overtake people in India as the top buyers of gold in the world.

China's middle class continues to grow rapidly, which may signal higher gold prices in the years ahead.

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