(Kitco News) - China's net gold imports via Hong Kong rose 58.3% in May from the previous month, Hong Kong’s official data showed on Monday. This comes as pandemic-related curbs were relaxed in major cities. Net imports stood at 8.281 tonnes, according to the Census and Statistics Department. Imports were, however, down 62% year-on-year.
Total gold imports via Hong Kong rose nearly 47% to 14.13 tonnes from April. The rise in May could reflect some of the restrictions being eased in Shanghai and Beijing, said StoneX analyst Rhona O'Connell. China imports gold also via Shanghai and Beijing, so Hong Kong data may not provide a complete picture of the country's gold purchases. Shanghai and Beijing began to gradually loosen Covid-curbs by late May.
Swiss customs data, however, showed last week that its shipments of gold to China fell in May. Throughout May, gold changed hands in China and prices ranged from $10 an ounce below global spot prices to on par with the benchmark.
Gold is trading 0.16% higher on Tuesday at $1825/oz. The yellow metal has been in full consolidation mode recently and the current consolidation high stands at $1879.45/oz. This all comes despite the strong USD over the few months.
