Filipinos fete Year of Rabbit with golden cakes

Wealthy Chinese-Filipinos are snapping up rice cakes decorated with gold and diamonds to celebrate the Lunar New Year in hopes of attracting good luck in the Year of the Rabbit.

The rabbit-shaped glutinous rice cakes sell for between $500 and $2,700 and are covered with 24-carat gold foil and a few small diamonds.

The creator of the custom-baked sweets, Angelito Araneta Jr., says they are meant to attract wealth as well as secure good ties with friends and kin.

Chinese-Filipinos traditionally share glutinous rice cakes with family and friends to celebrate the Lunar New Year, which falls on Thursday this year.