China's net gold imports via main conduit Hong Kong rose 28 percent in November from the previous month to their highest since July, data showed on Thursday. Net imports via Hong Kong to China, the world's biggest consumer of the metal, jumped to 37.871 tonnes in November from 29.633 tonnes in October, according to data from the Hong Kong Census and Statistics Department.
Total gold imports via Hong Kong climbed 25 percent to 42.104 tonnes last month from 33.69 tonnes in October. "Traditionally, demand picks up in the fourth quarter. However, imports in September and October were too weak, so there should be some rebound in November and December," said Samson Li, a Hong Kong-based senior precious metals analyst at Refinitiv GFMS. In September, China's net gold imports via Hong Kong fell to their lowest since May 2011, largely attributed to Beijing limiting import quotas for its banks.
Spot gold rose 0.6 percent in November and is up 4.2 percent so far this month, heading for its best December in a decade. China does not provide trade data on gold, so the Hong Kong figures serve as a proxy for flows to the mainland. The Hong Kong data, however, might not provide a full picture of Chinese purchases because gold is also imported via Shanghai and Beijing.
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