Bum gold hedges could wipe 3% off Chow Tai Fook’s profit
The Hong Kong jeweler issued its first profit warning and blamed rising gold prices and mark-to-market accounting for possible losses.
It is perfectly natural for a gold jewelry maker to hedge against price fluctuations of the precious metal, but Hong Kong-listed Chow Tai Fook Jewelry Group is anticipating a dent in profits blaming it on accountancy procedures.
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