Mainland China’s gold imports from
Hong Kong surged more than sixfold in the first quarter, adding
to signs that the country may displace India as the world’s
largest consumer of the precious metal on an annual basis.
Imports from Hong Kong were 135,529 kilograms (135.53
metric tons) between January and March, from 19,729 kilograms in
the year-earlier period, according to data from the Census and
Statistics Department of the Hong Kong government. Shipments in
March rose 59 percent from February, yesterday’s data showed.
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 jewelry
and investment was 933.4 tons to China’s 769.8 tons. (more)
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