Gold Imports by China Hit Fresh Record in April

SEATTLE (Scrap Monster): The gold market commentary released by the World Gold Council (WGC) indicates significant surge in gold imports by China during the month of April this year.

The country’s gold imports surged to hit 111 tonnes during the month. This is the highest level of import since January 2020. The imports during the month were up by 73 tonnes from the prior month and by 106 tonnes from the same month a year before. The higher imports by the country were mainly on account of escalated gold demand and lower local gold supply. However, imports continued to remain well below the average import levels during 2019, the WGC report said.

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The consumer demand for gold stood strong, especially during the holiday season. The holiday and wedding-season demand led to strong sales of gold jewellery and other gold investment products. The fall in domestic prices coupled with hopes of further rise in prices boosted gold purchases during the month.

Meantime, the retail demand for gold in India during the Akshaya Tritiya gold buying festival remained muted this year. However, the country reported strong demand for digital gold. The notable fall in consumer demand led to significant decline in official gold imports by the country during May this year. The imports fell to 11.4 tonnes, WGC data said.