CHINA January 27 2014 5:33 PM

SHANGHAI (Scrap Register): The world's second biggest gold importer China's gold imports from Hong Kong hit record high last year, as per the latest figures released by the Hong Kong Census and Statistics Department.

According to the figures, China's gold imports from Hong Kong more than doubled year-on-year to 1,158.162 metric tons last year. Country imported only 557.478 tons of gold from Hong Kong in 2012

According to Bloomberg, Gold capped a 28% drop last year, the biggest since 1981, as the U.S. Federal Reserve decided to cut its monthly bond purchases while some investors lost faith in bullion as a store of value.

Rising demand in China, which probably overtook India as the world’s largest consumer last year, helped gold rise from a six-month low of $1,182.52 on Dec. 31.