Author: Paul Ploumis28 Apr 2015 Last updated at 07:44:11 GMT
BEIJING (Scrap Monster): The recent data issued by the China Gold Association suggests significant rise in gold production and consumption by the country during the initial three months of the current year.
The Chinese gold production surged higher by 14.7% during January to March this year when compared with the corresponding three-month period in 2014. The production totaled 110.704 tonnes during the period. In a document distributed to reporters during a press briefing, the association noted that the country’s gold consumption grew marginally by 1.14% during the quarter to 326.68 tonnes. The data suggests clear signs of gold demand growth, considering the fact that Chinese gold consumption had plunged by nearly 25% in 2014.
Meantime, adequate gold inventory levels have kept the gold imports down during the quarter. The gold shipments into the country from Honk Kong dropped from 67.575 tonnes during February this year to 66.363 tonnes in March. The gold imports during March were the lowest since August 2014. The sharp decline in gold imports is a clear indication that gold demand has started to ease. Going forward, the Chinese gold demand is unlikely to jump higher, stated China Gold Association.
The imports from Hong Kong provides overall hint on general gold import trends by the country. It must be noted that shipments enter the country through Shanghai and Beijing, for which official data is not published. According to unofficial reports, the People’s Bank of China is believed to have tripled its gold holdings since it last updated in April 2009.