China’s Gold Imports May Become Biggest User

Breaking Gold News from Usagold.com

 
Mainland Gold China’s imports from Hong Kong surged more than sixfold in the 1st quarter, adding to signs that the country may replace India as the world’s largest consumers of the precious metal (Gold) on an yearly basis.
Imports from Hong Kong were 135,529 kgs (135.53 metric tons) around January and March, from 19,729 kilograms in the earlier yearly period, according to data from the Census and Statistics Department of the Chinese government.
Shipments in March rising up 59 percent from February, yesterday’s data.
Demand has climbed in the world’s second-largest economy as rising incomes and curbs on property speculation boosted purchases. China may become the biggest user annually this year, according to a forecast from the producer-funded World Gold Council. Last year, total Indian demand including for golden jewelry and investment was 933.4 tons to China’s 769.8 tons.
“We’re looking at another solid year for Chinese demand based on these early numbers,” said Nick Trevethan, senior commodities strategist at Australia & New Zealand Banking Group Ltd. “While it’s largely related to price, negative real interest rates should keep demand strong.”

Source : Bloomberg

Author : Indra