Tuesday, June 5, 2012

China Gold Import From Hong Kong Up by 62%


Hong Kong's gold shipments to mainland China in April jumped 62 percent to the second-highest level on record, while gold flow from China increased to an unprecedented level, official Hong Kong trade data showed on Monday.

Hong Kong shipped out 101,768 kg of gold to mainland China in April, and received 34,368 kg from China, which brings the net exports to 67,400 kg, a surge of 77 percent on the month, according to the data posted on the website of the government agency.
In the first four months of the year, Hong Kong sent a total of 237,287 kg of gold to China, and received 70,688 kg from the mainland. On an annualised basis, net gold exports to China could reach nearly 500 tonnes in 2012, compared with last year's 380 tonnes, according to Reuters calculations.

China has overtaken India as the world's top gold consumer in the past two quarters, with consumer gold demand in the first quarter of 2012 hitting a record high of 255.2 tonnes, said the World Gold Council.

Excerpt from Original Source

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