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China’s October net gold imports lowest in three months

Sun Dec 01 2019

 

China's net gold imports via Hong Kong slipped for a second straight month in October, dropping to its lowest level since July, Hong Kong Census and Statistics Department data showed on Tuesday.

 

Net imports via Hong Kong to China, the world's top consumer of the metal, decreased 8.3% to 10.846 tonnes in October from 11.829 tonnes in September, the data showed.

 

Total gold imports via Hong Kong, traditionally the main conduit of gold to China, fell 7.5% to 13.353 tonnes from 14.44 tonnes in September.

 

“Demand has been weak in China this year. Hence the low import numbers. Banks have also not been issuing quotas to import so supply going in has eased," said Cameron Alexander, an analyst with Refinitiv-owned metals consultancy GFMS.

 

In September, China's net monthly gold imports via Hong Kong fell 9%, while total imports dropped 8%.

 

China does not provide trade data on gold and the Hong Kong data may not provide a complete picture of Chinese purchases as gold is also imported via Shanghai and Beijing.

 

“More gold is being shipped via Shanghai these days. We have seen in recent years a shift to use Shanghai more then Hong Kong and the unrest recently has nothing much to do with it," Alexander said.

 

Source: Reuters

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