SINGAPORE: China's net gold imports in July from main conduit Hong Kong tumbled to their lowest since June 2011 because of ample supply and as jewellers waited for bargains.
July net gold flows into China from Hong Kong dropped to 22.107 tonnes versus 40.543 tonnes in June, according to data e-mailed to Reuters by the Hong Kong Census and Statistics Department.
Total gold imports from Hong Kong fell to 38.945 tonnes from 56.047 tonnes in June. China, which overtook India as the biggest consumer of the precious metal last year, imported over 1,000 tonnes of gold in 2013.
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