Mainland's imports of gold from HK climb
Source: Bloomberg News |
00:06 UTC+8 November 6, 2012
|
Print Edition
Print Edition
GOLD imports by Chinese mainland from Hong Kong rose 30 percent in September from a month earlier as central banks from the US to Europe and the mainland took steps to prop up their economies, boosting demand for bullion as a haven.
The mainland bought 69.71 tons, including scrap and coins, up from 53.51 tons in August. Shipments rose 23 percent from 56.9 tons a year earlier, data from Hong Kong's Census and Statistics Department showed yesterday.
Gold is in the 12th year of a bull run as investors seek to hedge against weaker currencies and the threat of rising consumer prices. The metal climbed 4.7 percent in September, gaining for a fourth month, as the US Federal Reserve unveiled a third round of so-called quantitative easing, the Bank of Japan expanded its asset-purchase program, the European Central Bank said it is ready to buy bonds of indebted nations and China approved a US$158 billion infrastructure construction plan.
"If you look at the jump in the year-to-date imports then it becomes clear that there's also increasing asset allocation into the bullion by institutions" to preserve wealth, Liu Xu, vice manager for research at Capital Futures Co, said in Beijing.
Shipments almost tripled to 581.85 tons in the first nine months from 203.65 tons a year earlier, Bloomberg News calculations show.
The mainland bought 69.71 tons, including scrap and coins, up from 53.51 tons in August. Shipments rose 23 percent from 56.9 tons a year earlier, data from Hong Kong's Census and Statistics Department showed yesterday.
Gold is in the 12th year of a bull run as investors seek to hedge against weaker currencies and the threat of rising consumer prices. The metal climbed 4.7 percent in September, gaining for a fourth month, as the US Federal Reserve unveiled a third round of so-called quantitative easing, the Bank of Japan expanded its asset-purchase program, the European Central Bank said it is ready to buy bonds of indebted nations and China approved a US$158 billion infrastructure construction plan.
"If you look at the jump in the year-to-date imports then it becomes clear that there's also increasing asset allocation into the bullion by institutions" to preserve wealth, Liu Xu, vice manager for research at Capital Futures Co, said in Beijing.
Shipments almost tripled to 581.85 tons in the first nine months from 203.65 tons a year earlier, Bloomberg News calculations show.
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