From Mineweb:

According to a report in the China Daily, Chinese citizens have been rushing to buy gold after major department stores cut the price of gold jewelry by around 3% in year end promotions for the Chinese holiday season, which runs from Christmas to the Chinese New Year which falls this year on February 10th. Gold jewelry sales increased by around 30% or more over the weekend.

Some of the major department stores have been cutting prices to as little as 269 yuan per gram (around US$1224 an ounce) prompting a big rise in purchases. The report says that China's biggest gold store has sold 30% more gold this year than last over the weekend after marking down prices to this level, which is a rise of 28% compared with prices a year ago.

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