Chinese Net Gold Imports via Hong Kong Surged in January

SEATTLE (Scrap Monster): The Chinese net gold imports via Hong Kong surged higher by 51% year-on-year in the month of January this year. The imports hit the highest level in six years, said official data. The surge in imports was mainly driven by increased purchases ahead of the Lunar New Year festival.

The data released by the Hong Kong Census and Statistics Department states that the net gold imports to China totalled 76.248 metric tons in January 2024, significantly higher when compared with imports of 50.381 tons in December 2023. The total gold imports via Hong Kong, including re-exports, surged higher by 37% to almost 82 tons.

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According to latest report published by the World Gold Council (WGC), the major local assets, including equities and property, witnessed muted returns. The rising strength of gold in local currency attracted investors towards it, with strong demand reported for gold bars and coins. The widespread replenishment of gold by manufacturers and commercial banks resulted in the strongest ever January demand for wholesale gold.

The wholesale gold demand in China rose to 271 metric tons in the opening month of 2024, aided by restocking ahead of the Lunar New Year holiday. The physical demand for the yellow metal remained strong, as is evident from the high spot premiums.