27 Nov 2013 Last updated at 07:10:18 GMT

 

NEW DELHI (Scrap Monster): China’s net gold imports from Hong Kong crossed 100 tonnes for a sixth straight month in October this year. The country’s gold imports climbed to its second highest level since hitting the all-time high during March this year. The excessive demand from banks and retailers ahead of the Chinese New Year in late January pushed the imports to near-to-record levels.

 

According to the latest data released by Hong Kong Census and Statistics Department, China’s gold purchases from Hong Kong totaled 131.19 tonnes in October. The gold purchase during the month was 18.28% higher compared with the previous month. The purchase during the month was the second highest in past seven months. The gold purchase from Hong Kong had touched life-time record high of 136.185 tonnes during March this year. The total imports inclusive of purchases later resold to Hong Kong amounted to 147.922 tonnes in October, rising 27.18% over the previous month.

 

The cumulative net gold imports by China from Hong Kong during the initial ten-month period of the year has almost doubled year-on-year to over 986 tonnes. The tight curbs imposed by Indian government have restricted the country’s gold import to less than 600 tonnes during the similar ten-month period.

 

Though China does not officially publish gold trade data, the rising gold imports from Hong Kong is a clear indication that the country is all set to overtake India as the world’s largest bullion consumer by this year-end.