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Gold imported by China from Hong Kong rose in July despite big premiums
Gold Imports to China From Hong Kong Climb on Physical Demand
By Feiwen Rong
Bloomberg News
Thursday, September 5, 2013
BEIJING -- Gold shipments to China from Hong Kong increased in July as importers took advantage of local prices that were an average 2.1 percent higher than global markets and as mainland investors bought jewelry and coins.
Net imports, after deducting flows from China into Hong Kong, were 113 metric tons, from 101 tons a month earlier, according to calculations by Bloomberg. Mainland buyers purchased 129 tons in July, including scrap, compared with 113 tons in June, data from the Hong Kong government showed today.
Gold prices that advanced 18 percent from a 34-month low in June are attracting buyers in China, which is on track to overtake India as the world's top bullion consumer this year. Premiums paid by jewelers on top of spot prices on the Shanghai Gold Exchange to take physical delivery of the metal were an average $27 an ounce in China during July, according to calculations by Bloomberg.
For the full story:
http://www.bloomberg.com/news/2013-09-05/gold-imports-to-china-from-hong...
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