HK gold exports to China jump 36% in May
Second strongest monthly rise on record.
The Hong Kong Census and Statistics Department said Hong Kong’s net gold exports rose to 108.8 tons in May from 80.1 tons in April. Gold exports hit an all-time high of 136.2 tons in March.
Analysts said it was the second strongest monthly reading on record and said lower prices attracted mainland buyers. Gold has lost more than 26% of its value so far this year, prompting a rush for gold jewelry, bars and coins in Asia.
Hong Kong’s gold exports for the first five months this year came to 413.4 tons, double that from the year-ago period. China imported 832.2 tons of gold in all of 2012.
Analysts, however, said that because of strong buying during the first five months of the year, they do not expect buying on this scale to continue for the rest of the year. Buyers are also putting off purchases in anticipation of a further drop in gold prices.