AIRLINK 75.41 Increased By ▲ 1.71 (2.32%)
BOP 4.89 Decreased By ▼ -0.01 (-0.2%)
CNERGY 4.43 Decreased By ▼ -0.09 (-1.99%)
DFML 43.44 Decreased By ▼ -1.44 (-3.21%)
DGKC 84.72 Decreased By ▼ -0.78 (-0.91%)
FCCL 21.30 Decreased By ▼ -0.10 (-0.47%)
FFBL 32.40 Decreased By ▼ -0.11 (-0.34%)
FFL 9.56 Decreased By ▼ -0.03 (-0.31%)
GGL 10.10 Decreased By ▼ -0.17 (-1.66%)
HASCOL 6.98 Decreased By ▼ -0.15 (-2.1%)
HBL 114.59 Decreased By ▼ -0.11 (-0.1%)
HUBC 139.11 Increased By ▲ 0.01 (0.01%)
HUMNL 12.18 Decreased By ▼ -0.24 (-1.93%)
KEL 4.97 Decreased By ▼ -0.06 (-1.19%)
KOSM 4.40 Decreased By ▼ -0.05 (-1.12%)
MLCF 37.25 Decreased By ▼ -0.35 (-0.93%)
OGDC 134.10 Decreased By ▼ -2.70 (-1.97%)
PAEL 25.30 Decreased By ▼ -0.09 (-0.35%)
PIBTL 6.64 Decreased By ▼ -0.05 (-0.75%)
PPL 119.33 Decreased By ▼ -1.67 (-1.38%)
PRL 26.36 Decreased By ▼ -0.23 (-0.86%)
PTC 13.79 Decreased By ▼ -0.31 (-2.2%)
SEARL 56.99 Decreased By ▼ -0.31 (-0.54%)
SNGP 66.90 Decreased By ▼ -1.10 (-1.62%)
SSGC 10.31 Decreased By ▼ -0.11 (-1.06%)
TELE 8.34 Decreased By ▼ -0.11 (-1.3%)
TPLP 10.88 Decreased By ▼ -0.10 (-0.91%)
TRG 62.89 Decreased By ▼ -0.45 (-0.71%)
UNITY 27.00 Decreased By ▼ -0.05 (-0.18%)
WTL 1.36 Decreased By ▼ -0.02 (-1.45%)
BR100 7,917 Decreased By -24.1 (-0.3%)
BR30 25,407 Decreased By -240.9 (-0.94%)
KSE100 75,368 Decreased By -149.2 (-0.2%)
KSE30 24,197 Decreased By -80.4 (-0.33%)

BENGALURU: China’s net gold imports via Hong Kong rose about 37% in November from the previous month, data showed on Thursday, as the world’s top consumer eased some import restrictions on the metal to meet expected demand for the Chinese New Year.

Net imports stood at 36.801 metric tons in November, compared with 26.793 tons in October, the data showed. November net imports gained 118.4% on a year-on-year basis.

Total gold imports via Hong Kong were up 37% at 46.049 tons compared to last month and up 120.9% from last year.

“Towards the end of the year, China utilized some import quotas and relaxed some imports ahead of the Chinese New Year in February,” said Bernard Sin, regional director of Greater China at MKS PAMP.

“In December, we will see a continuation in imports via Hong Kong and the rest of the world.” The People’s Bank of China controls the amount of gold entering the country via quotas to commercial banks.

The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. Last month, China also saw higher gold shipments on a monthly basis from Switzerland.

The value of China’s gold reserves rose to $145.7 billion at the end of November from $142.17 billion at end-October. Chinese dealers sold gold at premiums of anywhere between $20 and $58 an ounce over global benchmark spot prices last month, from $25-$60 range seen in October.

Comments

Comments are closed.