China’s gold imports from Hong Kong posted a staggering increase of 587 percent in the first quarter of 2012, Commodity Onlinereported, citing latest data from Hong Kong's Census and Statistics Department.
Gold imports for the first quarter rose to 135,529kg from 19,729kg in the same quarter last year.
In March, China’s gold imports from Hong Kong totalled 62,913kg, up 58.6 percent from 39,668kg in February. On a year-on-year basis, gold imports were up 586 percent compared to 9,166kg in March 2011.
Continuing the rising trend and the strong demand for gold, China is expected to displace India as the world’s largest gold market this year, according to the World Gold Council. Under the impact of raised import duties, strikes and soaring gold prices, India’s demand for gold has been weak in the first quarter of 2012.
Gold bracelet from Luk Fook (International) Ltd’s bridal jewellery series Photo credit: Luk Fook (International) Ltd