(Reuters) – China’s total gold imports via Hong Kong in January fell 44.8% from December to their lowest since April 2022, Hong Kong Census and Statistics Department data showed on Tuesday.
WHY IT’S IMPORTANT
China is the world’s leading consumer of gold, and its purchasing activities can significantly influence global gold prices.
The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing.
BY THE NUMBERS
China imported a total 13.816 metric tons in January, down from 25.007 tons in December, the data showed.
CONTEXT
As one of the best-performing assets of 2024, spot gold gained around 27% last year, the biggest annual jump since 2010. This year, it has continued its record-breaking rally with prices hitting all time high at $2,956.15 on Monday. [GOL/]
Meanwhile, demand for physical gold in China has remained significantly low, with buyers avoiding purchases due to record high prices. [GOL/AS]
Gold exports from Switzerland to China plunged 99% on an annual basis, Swiss customs data showed last week.
Elsewhere, India’s gold imports are set to tumble 85% in February from year ago levels to their lowest in 20 years, with demand sapped by record prices for the precious metal, a government official and three bank dealers told Reuters.
(Reporting by Anjana Anil in Bengaluru, additional reporting by Anmol Choubey; Editing by Andrew Heavens and David Evans)
