China March Gold imports from Hong Kong hit 10-month high

CHINA May 05 2017 3:09 PM
BEIJING (Scrap Register): Gold imports from Hong Kong to China has increased by 55 percent and totaled at 112 mt when compared to 72 mt in the previous year, as per Hong Kong Customs and Statistics.

The figure is more than double 48 mt in February and the highest volume since May 2016. Chinese imports during year to date was seen at 191 mt, which is 21 percent higher when compared to 159 mt in the same period last year.

As per the recent Swiss Federal Customs data, the total gold imports from Switzerland to China mainland increased 34 percent and totaled at 136 mt against 101 mt a year ago.

Based on the London Bullion Market Association settlement price, gold averaged $1,231/oz in March, down from $1,234/oz in February. China is the largest Gold consuming country followed by India, China and India accounts about half of the global consumption.