BENGALURU: China’s net gold imports via Hong Kong in November more than doubled from October, marking the highest level in seven months, Hong Kong Census and Statistics Department data showed on Monday.
The world’s top gold consumer imported a net 33.074 metric tons in November, up 115% from 15.414 tons in October, its highest level since April 2024. Total gold imports via Hong Kong were up 60% at 45.22 metric tons from October, posting its highest level in eight months.
China is the world’s leading consumer of gold, and its purchasing activities can significantly influence global gold prices. China’s central bank resumed buying gold for its reserves in November after a six-month pause, according to official data.
“The People’s Bank has started reporting fresh purchases and it could be that there has been some import for official sector purchases,” said StoneX analyst Rhona O’Connell. “More likely it is continued interest in bars and coins, and some improvement in jewellery demand”
Last week, gold dealers in China also started charging premiums for the first time in more than a month as consumers began stocking up for the upcoming Lunar New Year celebrations.
Gold exports from Switzerland rose in November due to a jump in supplies to India and some revival of deliveries to China and Hong Kong compared with October, Swiss customs data showed.
Spot gold has gained around 27% so far this year, hitting a record high of $2,790.15 on Oct. 31 on the back of US Federal Reserve’s interest rate easing and escalated tensions around the globe. However, prices fell 3% in November after a post-election sell-off driven by Donald Trump’s win.
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