Make Kitco Your Homepage

Commerzbank: China's Gold Imports From Hong Kong Down From Year Ago

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

Commerzbank says China’s gold imports from Hong Kong remain subdued, raising the question – where does China get its metal? Analysts cite data from the Census and Statistics Department of the Hong Kong government show that China imported “only” 36.4 tonnes of gold net from Hong Kong in March. “Though this was somewhat up on the previous month, it was considerably down on last March,” Commerzbank says. “At 108 tonnes, Chinese first-quarter gold imports from the former British crown colony were 25% below the year-on-year level. Shortly before Easter, Switzerland had already reported subdued gold exports to China. Are the trade data a sign of weaker Chinese gold demand, or has China recently been buying more gold in other countries such as the United Arab Emirates?” Analysts say the World Gold Council may supply an answer when it publishes its report on first-quarter global gold demand. “China itself does not reveal where it sources its gold,” Commerzbank says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

TDS: Gold Gets Reprieve As Dollar Index Eases

Tuesday April 30, 2019 09:04

Gold has ticked modestly higher as the dollar index eases, says TD Securities. “Precious metals are being supported by a DXY, which has fallen below the 98 mark, particularly as recent weakness in interest rates lends further support to the complex as appetite for portfolio diversification could be on the rise,” TDS says. “At the same time, silver's downside momentum signals continue to firm, which suggests a larger hurdle for the extended gold-silver ratio to correct in the near term, despite its stretched valuation signal.” Just before 9 a.m. EDT, spot gold was $1.40 higher to $1,280.80 an ounce, while silver was down 4 cents to $14.85. Around this time, the June dollar index was 0.351 point softer to 97.230.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.