GOLD NEWS

China’s August net gold imports via HK lowest in over 2 years

Thu Sep 26 2024

China’s monthly net gold imports via Hong Kong dropped 76 per cent to their lowest level in more than two years in August, data showed on Thursday (Sep 26), as a record price rally curbed appetite in the world’s top bullion consumer.

China imported a net 6.245 tonnes in August, down from 25.659 tonnes in July, Hong Kong Census and Statistics Department data showed. Imports were at their lowest level since April 2022.

Total gold imports via Hong Kong were down 48 per cent at 16.377 tonnes last month.

China holds the top spot in terms of gold consumption, its purchasing activities can affect overall global gold prices.

China for the first time since January 2021, refrained from gold imports from Switzerland in August, customs data from the world’s biggest bullion refining and transit hub showed.

Additionally, China decided to halt its gold purchases through its central bank in May, making August the fourth straight month without additions to its reserves.

Source: https://www.businesstimes.com.sg