China's net gold imports via main conduit Hong Kong fell 23.6 percent in November from the previous month, data showed on Thursday. Net imports by the world's top consumer of the metal via Hong Kong fell to 35.554 tonnes in November from 46.522 tonnes in October, according to data emailed to Reuters by the Hong Kong Census and Statistics Department.
"Year-end book keeping might be one reason (for the drop in imports). In general, towards year-end, most banks will try to keep their stocks low," a Singapore-based trader said.
Total gold imports via Hong Kong also dropped to 37.121 tonnes in November from 48.188 tonnes in October.
China does not provide trade data on gold and the Hong Kong figures serve as proxy for flows to the mainland. The Hong Kong data might not provide a full picture of China's purchases as gold is also imported via Shanghai and Beijing.
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