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China's imports of Gold from Hong Kong, leapfrogged by 470% in September as per data released by the Hong Kong government. Chinese imports from Hong Kong are considered a good indicator of overall Chinese demand since..

08 Nov 2011

BEIJING (Commodity Online): China's imports of Gold from Hong Kong, leapfrogged by 470% in September as per data released by the Hong Kong government. Chinese imports from Hong Kong are considered a good indicator of overall Chinese demand since the Chinese government does not release official figures.

As per the data, gold imports rose to 56.9 tonnes in September against the average monthly imports of around 10 tonnes, a 470% increase. In the 3 month period of July-September, Chinese gold imports stood at around 140 tonnes against 120 tonnes in entire 2010!

And the demand is expected to continue as the 30 year seasonal data for gold indicate higher prices in November and December. Primary reason for huge demand during this period is the wedding season in India and the Chinese New year celebrations. People of both countries have traditionally bought most amount of gold during this period.

With gold prices posting a nice profit in the first week on November, the trend might continue without fail and we might see higher gold prices at the year end.


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