MANILA, Philippines — Global gold prices are hitting all-time highs as pandemic-weary investors flock to “safe haven” assets. But in the Philippines, which has fallen into its deepest economic recession amid one of the longest and toughest lockdowns in the world, jewelry is fast losing its luster as a luxury commodity. People are saying that cash is king,” said Florencio, whose family owns T. Florencio Jewelry. You also have to be ready once the economy is ready to start buying jewelry again,” Florencio said. They are now selling more 14-karat instead of 18-karat gold jewelry.

Source: Philippine Daily Inquirer August 30, 2020 20:37 UTC