China's net gold imports via Hong Kong soared in November, reaching the highest level in seven months. This surge in imports reflects strong demand from the world's leading gold consumer.
China’s net gold imports via Hong Kong in November more than doubled from October, marking the highest level in seven months, Hong Kong Census and Statistics Department data showed on Monday. The world’s top gold consumer imported a net 33.074 metric tons in November, up 115% from 15.414 tons in October, its highest level since April 2024. Total gold imports via Hong Kong were up 60% at 45.22 metric tons from October, posting its highest level in eight months.
China is the world’s leading consumer of gold, and its purchasing activities can significantly influence global gold prices. China’s central bank resumed buying gold for its reserves in November after a six-month pause, according to official data. China is the world’s leading consumer of gold, and its purchasing activities can significantly influence global gold prices. “The People’s Bank has started reporting fresh purchases and it could be that there has been some import for official sector purchases,” said StoneX analyst Rhona O’Connell.Last week, gold dealers in China also started charging premiums for the first time in more than a month as consumers began stocking up for the upcoming Lunar New Year celebrations. Gold exports from Switzerland rose in November due to a jump in supplies to India and some revival of deliveries to China and Hong Kong compared with October, Swiss customs data showed. Spot gold XAU=has gained around 27% so far this year, hitting a record high of $2,790.15 on Oct. 31 on the back of U.S. Federal Reserve’s interest rate easing and escalated tensions around the globe. However, prices fell 3% in November after a post-election sell-off driven by Donald Trump’s win. The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing.The views expressed in this article are those of the author and may not reflect those of Kitco Metals In
GOLD CHINA IMPORTS HONG KONG CONSUMPTION
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India's Gold Imports Expected to Drop Sharply in DecemberRecord gold purchases in November are followed by a projected 50% decline in December due to the lack of major festivals and rising prices.
Read more »
Gold Prices Surge as Inflation Continues Upward TrajectoryThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold stocks and gold – looking at the forestThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold SWOT: J.P. Morgan says gold is the top commodity to buy in 2025The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Bitcoin vs Gold: Peter Brandt predicts BTC will outperform gold by 122%Bitcoin has continued to outperform gold, with an extra 122% BTC rally against the global reserve asset still on the cards.
Read more »
Gold SWOT: Gold can break through $3,000 by the end of next year, Goldman Sachs saysThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »