China’s gold imports from HK surge six-fold in Q1

China’s gold imports from Hong Kong posted a staggering increase of 587 percent in the first quarter of 2012, Commodity Online reported, 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

Tag: Gold | Gold Import | China | Hong Kong | India | World Gold Council

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