Chinese Gold imports from Hong Kong down in January

CHINA March 01 2017 10:37 AM

SHANGHAI (Scrap Register): Hong Kong trade data show reduced Chinese gold imports during the month of January, perhaps held back by higher prices.
According to Commerzbank, traders monitor gold flows to Mainland China that are included in statistics published by the Census and Statistics Department of the Hong Kong government. 
“According to the figures, China imported only 31.8 tonnes of gold on a net basis from Hong Kong in January. Not only was this somewhat less even than last January, already a weak month, but it was also the lowest level since August 2014,” said Commerzbank. 
The higher prices appear to have held buyers back; furthermore, the Chinese New Year festival was celebrated at the end of January. Many traders had already bought sufficient gold to cover their needs back in December, as can be seen from the high gold imports from Hong Kong and Switzerland at that time, they noted.