Commerzbank economists analyze the figures of gold imports in China.
China’s low gold imports from Hong Kong are not a sign of weak consumer demand
“According to data from the Hong Kong Government Census and Statistics Department, China imported 22 net tons of gold from Hong Kong in January. This was about half that of December.
“Refinitiv data shows that physical gold premiums in China, i.e. the premium payable above the world benchmark price level, rose to as much as $30 per troy ounce in January. The decline in gold imports cannot be considered “Therefore, a sign of lower consumer demand. More likely to be insufficient supply in China.”
“A week ago, the Swiss Federal Customs Administration had already released figures for gold exports to China in January. They paint a mixed picture: while shipments to China still fell sharply to 26 tons, those from Hong Kong rose to 27 tons. tons, its highest level since April 2019. This also points to robust gold demand in China following the end of coronavirus restrictions.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
