Wednesday, October 9, 2024

November rise in China’s net gold imports via Hong Kong

According to data released on Thursday, China’s net gold imports via Hong Kong increased by approximately 37% in November compared to the previous month. This rise in imports comes as the world’s largest consumer of gold eased some import restrictions on the metal in anticipation of demand for the upcoming Chinese New Year.

In November, net imports amounted to 36.801 metric tons, up from 26.793 tons in October. On a year-on-year basis, November’s net imports saw a significant increase of 118.4%.

Total gold imports via Hong Kong also rose by 37% to 46.049 tons compared to the previous month and increased by 120.9% compared to the same period last year.

Bernard Sin, the regional director of Greater China at MKS PAMP, noted that China utilized some import quotas and relaxed certain import restrictions towards the end of the year in preparation for the Chinese New Year in February. He expects imports to continue via Hong Kong and the rest of the world in December.

It’s important to note that the data from Hong Kong may not provide a complete picture of Chinese gold purchases, as gold is also imported through Shanghai and Beijing.

The People’s Bank of China regulates the amount of gold that enters the country through quotas issued to commercial banks.

In addition to the increased imports via Hong Kong, China also experienced higher gold shipments from Switzerland last month compared to the previous month.

The value of China’s gold reserves rose to $145.7 billion at the end of November, up from $142.17 billion at the end of October.

Chinese gold dealers sold gold at premiums ranging from $20 to $58 an ounce over global benchmark spot prices in November, a slight decrease from the $25 to $60 range observed in October.

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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