Chinese Gold imports advance sharply in June

Shanghai (July 30)  Chinese gold imports have risen lately, perhaps helped by lower prices, said Commerzbank in a snippet.

 Analysts cited data from Hong Kong’s Census and Statistics Department showing that China’s net imports from Hong Kong totaled 80.9 tons last month, which was 40% more than in May and the most since March 2017.

 Switzerland also exported more gold to China in June. It is possible that the low prices increased buying interest somewhat even though the depreciation of the Chinese renminbi prevented local gold prices from falling any further.

“What is more, Chinese gold jewelers are likely to be stocking up ahead of the autumn season of high demand,” Commerzbank added.

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