Update 2 – China’s net gold imports in September via Hong Kong hit a five-month high – News Couple
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Update 2 – China’s net gold imports in September via Hong Kong hit a five-month high


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(Reuters) – China’s net gold imports through Hong Kong jumped nearly 60 percent in September to a five-month high, data from the Hong Kong Census and Statistics Department showed on Tuesday, as demand boosted by China’s Evergrande crisis and rising demand. decline in prices.

The data showed that net gold imports through Hong Kong to China, the world’s largest consumer, amounted to 34.786 tons in September, compared with 21,804 tons in August.

Total gold imports through Hong Kong rose to 41,877 tons from 24,549 tons.

“We have seen significant imports of gold for excellent arbitrage in China. I think this is only temporary and should ease,” said Bernard Sen, regional manager for Greater China at MKS.

In China, premiums soared to about $12 an ounce in September, compared with world record prices as buyers sought cover for potential fallout from real estate developer Evergrande’s troubles.

Commerzbank analyst Daniel Pressman said the decline in gold prices in the international market as well as in the local currency has attracted more gold buying, adding that fears of rising inflation were behind the rise in gold purchases.

Spot gold fell 3% last month.

Data from the State Administration of Foreign Exchange of the central bank showed that China held 62.64 million ounces of gold at the end of September.

Hong Kong data may not provide a complete picture of Chinese purchases because gold is also imported through Shanghai and Beijing.

Additional reporting by Elaine Suring in Bengaluru; Editing by John Stonestreet and David Holmes



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