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Appetite fuels big gold imports from HK
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The Chinese mainland in October imported the largest amount of gold from Hong Kong since March, driven by strong domestic demand that will drive China’s market to top the world this year.
The net inflow of gold from Hong Kong to the mainland rose to 131.19 tons in October from September’s 110.914 tons, according to the data released by the Hong Kong Census and Statistics Department yesterday.
The amount was the second-highest in history after March’s record 136.185 tons. It is also the sixth straight month the mainland has bought over 100 tons of gold from Hong Kong.
China is set to rank as the world’s biggest gold market this year based on consumption in the first three quarters, the World Gold Council said earlier this month. Gold demand has been rising in China as prices have fallen about a quarter in 2013, the first fall in 13 years.
The WGC is optimistic that strong demand will continue in the fourth quarter as the Spring Festival, a high season to buy gold, nears.
China’s demand rose 19 percent year on year in the third quarter to 220 tons and beat India’s consumption which slumped 32 percent to 148 tons in the same period on a higher import tax, the WGC said.
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