Mainland gold imports from HK plunge
Source: Bloomberg News |
March 9, 2013, Saturday
|
Print Edition
Print Edition
GOLD imports by the Chinese mainland from Hong Kong fell for the first time in four months in January after a surge in purchases in the previous months to meet the Lunar New Year demand and as investors curbed buying on falling prices.
The mainland bought 51,303 kilograms of gold, including scrap and coins, down from a record 114,405 kilograms in December, according to export data from the Census and Statistics Department of the Hong Kong government.
Gold has fallen 5.7 percent this year as the United States stocks extended a record rally amid speculation that the Federal Reserve may rein in stimulus as the recovery gains traction, curbing demand for safe-haven assets.
"The Chinese mainland gold consumption is highly correlated to the seasons -- usually peaking in the months leading to the Lunar New Year," said Song Heping, assistant general manager at Xiamen City Commercial Bank. The week-long Lunar New Year holiday was in February this year.
The mainland bought 51,303 kilograms of gold, including scrap and coins, down from a record 114,405 kilograms in December, according to export data from the Census and Statistics Department of the Hong Kong government.
Gold has fallen 5.7 percent this year as the United States stocks extended a record rally amid speculation that the Federal Reserve may rein in stimulus as the recovery gains traction, curbing demand for safe-haven assets.
"The Chinese mainland gold consumption is highly correlated to the seasons -- usually peaking in the months leading to the Lunar New Year," said Song Heping, assistant general manager at Xiamen City Commercial Bank. The week-long Lunar New Year holiday was in February this year.
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