Shanghai residents rush to offload gold after $5,594.82 peak and 5% slide

Gold cleared the $5,500-per-ounce mark this week, and crowds in Shanghai moved to sell bars, jewelry, and heirlooms as prices briefly set an all-time high of $5,594.82 before falling more than 5% to $5,109.62. Local sellers cited a 100-gram bar fetching about 122,000 yuan ($17,560), with some jewelry reselling for 10,000 yuan ($1,439).