China net gold imports via Hong Kong fall 38.5 pct in June

Beijing (July 26)  Top consumer China's net gold imports via main conduit Hong Kong fell 38.5 percent in June, a month after hitting its highest for the year, data showed on Tuesday.

Net gold imports fell to 70.886 tonnes in June, down from 115.29 tonnes in May, according to data emailed to Reuters by the Hong Kong Census and Statistics Department.

 

Total imports fell to 83.042 tonnes from 121.71 tonnes in May.

 

Gold prices rose about 9 percent in June, buoyed by the demand for safe haven assets in the wake of economic and political uncertainties following Great Britain's vote to leave the European Union.

 

The yellow metal has risen about 25 percent so far this year and has been one of the top-performing commodities.

China does not provide trade data on gold and the Hong Kong figures serve as a proxy for flows to the mainland. The Hong Kong data, however, might not provide a full picture of Chinese purchases because gold is also imported via Shanghai and Beijing.

Source: Reuters