SHANGHAI: China’s net gold imports via Hong Kong more than halved in May from the previous month, when they touched the highest level in nearly three years, as demand for the precious metal faltered amid fresh coronavirus-led restrictions.

Net imports stood at 21.78 tonnes in May compared with 52.82 tonnes in April, Hong Kong Census and Statistics Department data showed on Monday. Total gold imports via Hong Kong fell to 26.684 tonnes from 55.699 tonnes, the data showed.

In May last year, gold imports fell below exports for a second straight month.

Guangzhou, one of the top consumer of gold in the country, is on lockdown due to an increase in Covid-19 cases, affecting gold importation, said Bernard Sin, regional director for Greater China at MKS.—Reuters