Chinese Gold demand remains subdued during February

CHINA March 29 2017 1:17 PM

SHANGHAI (Scrap Register): Chinese physical gold demand remained subdued during February this year,said Commerzbank.
Analysts cited a data from the Census and Statistics Department of the Hong Kong government showing that China imported a mere net 47.9 tons of gold from Hong Kong in February. 
Admittedly, this was more than in the very weak previous month, which some market participants attribute to stocks being replenished after the Chinese New Year festival at the end of January.
“Nonetheless, year-on-year imports were down. And after the first two months of the year, net Chinese gold imports from Hong Kong are a good 8% below the equivalent figure from last year,” Commerzbank added.
The Swiss gold export figures published last week had already hinted at muted Chinese gold demand in February.