Chinese Net Gold Imports Via Hong Kong Surged

SEATTLE (Scrap Monster): The latest statistics published by the Hong Kong Census and Statistics Department indicate that net gold imports by China via Hong Kong recouped in the month of June this year, after weak imports during the prior month.

The Chinese net gold imports via Hong Kong totalled 30.887 tonnes in June 2021, compared to 21.781 tonnes in May this year. The total gold imports via Hong Kong rose significantly from 26.684 tonnes in May to 37.226 tonnes in June this year. The net gold imports had recorded drastic decline by almost 50% in May, from the peak recorded in April, the data suggested.

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The rise in Covid-19 cases coupled with new regulations on precious metal trading by Chinese administration resulted in domestic gold trade at a discount of $20-$50 per ounce over international prices during early-June this year. The bargain hunters were seen keen to purchase gold at levels below $1,800 per Oz. All these factors boosted gold imports by the country. However, trade experts expect drop in imports in July, mainly on account of subdued demand.

Meantime, the Swiss customs data indicates that Swiss gold exports to mainland China too witnessed notable decline during June 2021.