Gold imports by China from Hong Kong more than doubled to an all-time high in March as buyers underscored increased bullion demand in the world’s second-largest economy. This demand was fuelled no doubt by the record fall in the gold price on April 12th.
Mainland buyers purchased 223,519 kilograms (223.52 metric tons), including scrap, compared with 97,106 kilograms in February, according to Hong Kong government data. If this buying trend continues the Chinese look set to break all previous gold consumption records. [Read more...]