Imports of gold surge as buyers seek hedge

    Updated: 2012-01-12 14:42

    By Glenys Sim and Feiwen Rong (China Daily)

      Comments() Print Mail Large Medium  Small 分享按鈕 0

    SINGAPORE / BEIJING - The Chinese mainland's gold imports from Hong Kong surged to a record in November as consumers bought the metal before the Lunar New Year this month and investors sought to hedge against turmoil in financial markets.

    The mainland bought 102,779 kg from Hong Kong in November, up from 86,299 kg in October, according to the Census and Statistics Department of the Hong Kong government.

    Gold demand is climbing on the mainland as rising incomes and concerns about inflation bolster purchases. China overtook India in the third quarter as the largest gold jewelry market, according to the World Gold Council. The nation is also the world's biggest producer.

    "China's appetite for gold is very strong and growing," said Tao Jinfeng, chief investment consultant at Haitong Futures Co, China's largest brokerage by registered capital.

    "The few months before the Lunar New Year are typically the peak demand period for Chinese people."

    Imports were profitable as prices in Hong Kong mostly traded at a discount to those in the mainland in November, according to Bloomberg calculations.

    Gold for immediate delivery of 99.99 percent purity on the Shanghai Gold Exchange was at 334.35 yuan ($52.95) a gram on Wednesday, compared with HK$408.20 ($52.67) at the Chinese Gold & Silver Exchange Society.

    "There is always the possibility that some purchases were made by the central bank," said Tao, rated the fourth-best China gold analyst in a Futures Daily and Securities Times poll.

    The People's Bank of China last disclosed its gold reserves more than two years ago, announcing that it held 33.89 million ounces, or 1,054 tons, as of June 30, 2009.

    That was the world's fifth-largest holding by country, according to World Gold Council data. Central banks and government institutions bought 142 tons in 2010, International Monetary Fund data show.

    Gold climbed 10 percent last year, rallying for an 11th year, as central banks joined investors in buying bullion to diversify assets. South Korea, Thailand, Turkey and Russia were among the countries that added gold to reserves in 2011.

    Bloomberg News

    Related Stories

    China's gold imports jump almost fivefold 2010-12-02 10:54
    Gold ATM activated, but not for long 2011-09-27 13:54
    Rising prices cut into incomes 2011-09-27 09:50
    Investors favor gold 2011-08-18 16:21
    玖玖资源站无码专区| 久草中文在线观看| 中文字幕精品无码一区二区| 免费A级毛片无码鲁大师| 永久免费AV无码网站国产| 欧美日本中文字幕| 色吊丝中文字幕| 国产成人无码综合亚洲日韩 | 国产精品无码无需播放器| 中文字幕一区二区三区在线不卡| 亚洲 欧美 国产 日韩 中文字幕| 久久精品aⅴ无码中文字字幕重口| 国模无码人体一区二区| 最近2019中文字幕电影1| 中文字幕无码高清晰| 国产亚洲精久久久久久无码AV| 免费A级毛片无码A∨| 亚洲AV无码成人专区片在线观看| 中文字幕精品亚洲无线码一区应用| 色综合久久综合中文综合网| 亚洲精品无码成人片在线观看| 国产高清无码二区 | 免费A级毛片无码A∨免费| 狠狠躁天天躁无码中文字幕| 国产精品 中文字幕 亚洲 欧美| 天码av无码一区二区三区四区| 精品无码国产污污污免费网站国产| 无码人妻精品一区二区三18禁| 亚洲ⅴ国产v天堂a无码二区| 亚洲精品中文字幕无码蜜桃 | 久久久久成人精品无码中文字幕 | 无码少妇一区二区三区浪潮AV| 亚洲va无码手机在线电影| 亚洲av无码潮喷在线观看| 无码人妻精品一区二区| 少妇精品无码一区二区三区| 人妻中文字幕无码专区| 超清纯白嫩大学生无码网站| 国产精品一级毛片无码视频| 亚洲国产av无码精品| 18禁网站免费无遮挡无码中文|