Gold imports from Hong Kong into mainland China have risen for the third consecutive month as increased demand for gold jewellery offset slowing investment demand.
Net imports rose from 61.7 metric tonnes to 69 metric tonnes in October with jewellery sales rising 2.9%. The World Gold Council expects the expansion of Asian trading hubs to boost gold demand in China by 20% over the next three years. Last year China overtook India as the world’s largest consumer of gold. The gold market in China is developing fast as they aim to become the world’s premier trading hub. Last year China opened its gold market to foreigners by allowing them direct access to their bullion markets.
According to government data 111 tonnes of gold was imported to mainland China from Hong Kong in October up from 91.8 tonnes in September.
Gold is currently trading at £758.83 per ounce, silver £10.40 per ounce, platinum £775.93 per ounce and palladium £508.07 per ounce.