China's net gold imports via main conduit Hong Kong plunged 35.5 percent in February from the previous month, data showed on Tuesday. The imports via Hong Kong by the world's top consumer of the metal fell to 33.245 tonnes in February from 51.569 tonnes in January, according to data emailed to Reuters by the Hong Kong Census and Statistics Department.
Total gold imports via Hong Kong dived 40 percent to 34.147 tonnes in February. "China was mostly closed for the Lunar New Year in February. Lower imports could be due to weaker demand," said Dick Poon, general manager at Heraeus Precious Metals in Hong Kong. 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. Gold prices rose for a third straight session on Tuesday as the dollar languished near a five-week low, as investors eyed rising tensions between Russia and the West even as a US-China trade spat appeared to ease.
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